Learn About the Tax and Other Advantages of Delaware
Coastal Delaware is rapidly becoming one of the most desirable retirement locations in the mid Atlantic area. Why?
- Extremely low Sussex County real estate taxes - People who come here from Maryland, Virginia, Pennsylvania, New Jersey and New York are usually shocked by how low the real estate taxes are in Sussex County. You can expect to pay about .2% of the value of your home in taxes. Thats right "point two percent." We recently sold a home for $636,000 that has an annual tax bill of $1,258.
- NO SALES TAXES! There is absolutely no sales tax in Delaware.
- A top marginal income tax rate of 6.60% (effective 01/01/2014).
- Up to $12,500 of retirement income is tax exempt for people over 60.
- No personal property taxes.
- No estate or inheritance taxes on estates below $5.25 million.
The August 2013 issue, Kiplinger Retirement Report listed Delaware as the only northeastern state in its ten most tax-friendly states for retirement. New York and New Jersey were listed in the ten WORST states. AND THIS REPORT DID NOT EVEN FACTOR IN REAL ESTATE TAXES.
Of course, it's not just about money.
- Coastal Delaware enjoys a warm to temperate climate for 8-9 months out of the year and is almost always on the "rain side" of the rain/snow line for east coast winter storms.
- The Delaware beaches are highly rated for some of the healthiest water in the country.
- The small town feel of most Delaware communities is complemented by an abundance of entertainment, cultural and dining opportunities near the beaches.
- Major metropolitan areas are just a couple of hours away.
- Your family will want to come visit you so they can go to the beach!
If you would like to learn more about the choices in coastal Delaware, give us a call. Our people know all the ins and outs of the various coastal communities and will help you decide what part of "The Beach" is right for you.