|Tax Advantages of Coastal Delaware
Delaware is one of the fastest growing areas in the country. Do you know why? TAXES! The number of people buying vacation, retirement or investment property in Coastal Delaware increases every year.
Delaware offers Home Buyers some of the Lowest Real Estate Taxes in the country. For most that is enough of an incentive to live in Delaware but when you add to the equation that there is No Sales Tax, No Inheritance Tax for most residents, and No Social Security Tax it is difficult to find a better place to live.
But it doesn’t end there - Railroad Retirement Benefits are Exempt from Income Tax, and if you’re 60 or older you can Exclude up to $12,500 of Investment and Qualified Pension Income from your taxes.
|And even Out-of-State Government Pensions qualify for the Exemption. This makes Delaware “The Most Tax-Friendly State for Retirees” according to Kiplinger’s Personal Finance Magazine.
Real Estate Taxes
** A 4 Bedroom/3.5 Bath Single Family Waterfront Home in a Golf Course Community in Rehoboth Beach recently sold for $1,150,000 and has "Annual" Real Estate Taxes of $2,792.
** A 3 Bedroom/2 Bath Single Family Home in Milton recently Sold for $354,400 and has "Annual" Real Estate Taxes of $743.
TThe Formula for calculation of Real Estate Taxes in Sussex County is varied and complicated. For example, in Rehoboth Beach taxes are 50% of the 1968 assessment; in Lewes taxes are 50% of the 2000 assessment; and Millsboro taxes are 100% of the 1993 assessment. And keep in mind that properties are not re-assessed when they sell or transfer to new owners.
So just a few hours drive from Washington, D.C., Philadelphia, Baltimore, Southern New Jersey and even Manhattan – The Beautiful Coastal Area of Delaware has so much to offer and yet keeps you so close to friends and family.
Additional Resources for Information on Relocation, Taxes, Medical Facilities, Schools, Employment, Senior Services and more: State of Delaware Information