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State Income Tax: 3% to 7% IN SOUTH CAROLINA #9 State Sales Tax: 6% Estate Tax/Inheritance Tax: No/No
The Palmetto State extends its Southern hospitality to retirees. The state doesn't tax Social Security benefits. If you're 65 or older, up to $15,000 ($30,000 for a married couple) of retirement income is tax-free, regardless of the source. A surviving spouse may continue to take a retirement deduction on behalf of the deceased spouse.
Groceries and some cold prepared foods, prescription drugs, dental prosthetics and hearing aids are exempt from the state's sales tax. However, localities can add up to 3%. Property taxes are among the lowest in the U.S., according to the Tax Foundation. Median tax on a $137,500 median-valued home is $689, the Tax Foundation calculates. Homeowners 65 and older qualify for a $50,000 homestead exemption. Senior homeowners are also exempt from school taxes on their properties.
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NOW ARIZONA.. #4
State Income Tax: 2.59% to 4.54% State Sales Tax: 5.6% Estate Tax/Inheritance Tax: No/No
The Grand Canyon State is a major retirement destination, with plenty of sunshine and a low personal income tax rate. Social Security benefits are exempt, as is up to $2,500 of some retirement income.
Arizona's state sales tax has dropped a percentage point to 5.6% (a temporary increase expired in June 2013). Currently, all 15 counties levy a sales tax, ranging from 0.25% to 2%. Arizona state tax excludes food for home consumption and prescription drugs.
Tax jurisdictions set property tax rates, which vary considerably from one area to another. Median property tax on a $187,700 median-valued home is $1,356, according to the Tax Foundation. Single homeowners 65 and older who earn $3,750 or less and married couples who earn $5,500 or less are eligible for a tax credit of up to $502.
(SORRY BUT NY STATE IS NOT LISTED AS TOP 10 MOST TAX FRIENDLY STATE FOR RETIREES) BUT THE TWO STATES YOU ARE CURSING OUT SURE ARE. WHAT'S THE MATTER? SHOULDN'T WE CARE ABOUT GRANDMA AND GRANDPA? OH WAIT!!! I FOUND NY STATE, IT WAS LISTED WITH 10 "LEAST TAX FRIENDLY STATE"
Some states offer attractive tax benefits to woo retirees. Then there are these ten states that are stingy with retirement tax breaks.
When you're living on a fixed income, every penny counts, which makes these states particularly unwelcoming for retirees. Most of these states tax at least a portion of your Social Security benefits. Some also have higher-than-average income taxes. Others make up for low income and sales taxes with high property taxes. "There's no such thing as a free lunch," says Tom Wetzel, president of the Retirement Living Information Center. Finally, some of these states continue to tax you beyond the grave with estate or inheritance taxes.
NYS LISTED #10 FOR THE LEAST TAX FRIENDLY STATE. State Income Tax: 4% to 8.82% State Sales Tax: 4% Estate Tax/Inheritance Tax: Yes/No
Although the Empire State offers generous tax exemptions for retirees, NEW YORK state has some of the highest property taxes in the U.S
NYS LISTED #10 FOR THE LEAST TAX FRIENDLY STATE. State Income Tax: 4% to 8.82% State Sales Tax: 4% Estate Tax/Inheritance Tax: Yes/No
Although the Empire State offers generous tax exemptions for retirees, NEW YORK state has some of the highest property taxes in the U.S
Actually, not at all. If the winter climate in NYS were similar to the winter climates of Arizona, South Carolina or Florida, 90% of the senior citizens who moved to these states would never have left.
My aunt schleps down to Florida five months a year because she absolutely cannot tolerate the New York winter. If our winter were 70 and sunny, she would stay north with her children and grandchildren.
I mean why would you go through the aggravation of selling your house, and spending tens of thousands of dollars in total to move to Florida or Arizona (which are horrible in the summer), just to have lower property taxes, which could be offset by the need for flood insurance, HOA fees, the payment of personal property taxes, etc.?
"Actually, not at all. If the winter climate in NYS were similar to the winter climates of Arizona, South Carolina or Florida, 90% of the senior citizens who moved to these states would never have left."
How in the world do you know that? Did you personally interview all 90% of the senior citizens who moved?
Quote:
"I mean why would you go through the aggravation of selling your house, and spending tens of thousands of dollars in total to move to Florida or Arizona (which are horrible in the summer), just to have lower property taxes, which could be offset by the need for flood insurance, HOA fees, the payment of personal property taxes, etc.?"
At least when it comes to Arizona, you have absolutely no idea what you are talking about. There's more to Arizona than Phoenix, Tucson and Yuma. Those horrible summers you speak of are only in areas which have low elevation. Where I am during the day it's in the mid 80's low 90's during the day low 60's at night there's no humidity. Florida? I don't know I've never been there.
How in the world do you know that? Did you personally interview all 90% of the senior citizens who moved?
At least when it comes to Arizona, you have absolutely no idea what you are talking about. There's more to Arizona than Phoenix, Tucson and Yuma. Those horrible summers you speak of are only in areas which have low elevation. Where I am during the day it's in the mid 80's low 90's during the day low 60's at night there's no humidity. Florida? I don't know I've never been there.
Every senior whom I have spoken to moves south for the weather. Lower taxes and lower cost of living obviously do not hurt, but they are not the prime motivator.
Do you honestly think if it were 70 and sunny in New York from December to March, seniors would be uprooting themselves and making a beeline south? Especially from Buffalo, where the equivalent house in Florida or Arizona is probably just as, if not more, expensive.
"Do you honestly think if it were 70 and sunny in New York from December to March, seniors would be uprooting themselves and making a beeline south? Especially from Buffalo, where the equivalent house in Florida or Arizona is probably just as, if not more, expensive."
Absolutely! I have been to Buffalo many times when I had friends that went to college in Fredonia and Niagara Falls you could not pay me enough money to want to live there or for that matter anywhere in that area. By the way none of them settled in that area. Why is it you just don't understand the real reasons people are moving out of New York State in general? Or the fact that many people are not sorry they left and found that they could live a much better life elsewhere? Just go to Yahoo or Google and type in "Exodus from New York", you will get your information. If anything if you love it so much there. Why don't you try and change the political situation in New York to make it a more attractive and affordable place to live? I doubt that you will you'll just keep on electing Democrats who refuse to believe that it is there policies that cause so many people to go to all the trouble of selling their homes and leaving everything they are familiar with just to be out of that miserable state.
Quote:
In fact, most of the top-10 states people are leaving are located in the Northeast and Great Lakes regions, including Illinois (60%), New York (58%), Michigan (58%), Maine (56%), Connecticut (56%) and Wisconsin (55%). According to Stoll, this reflects a consistent trend of migration from the Frost Belt to the Sun Belt states based on a combination of causes.--www.huffingtonpost.com/2013/02/09/the-states-people-are-fle_n_
Absolutely! I have been to Buffalo many times when I had friends that went to college in Fredonia and Niagara Falls you could not pay me enough money to want to live there or for that matter anywhere in that area. By the way none of them settled in that area. Why is it you just don't understand the real reasons people are moving out of New York State in general? Or the fact that many people are not sorry they left and found that they could live a much better life elsewhere? Just go to Yahoo or Google and type in "Exodus from New York", you will get your information. If anything if you love it so much there. Why don't you try and change the political situation in New York to make it a more attractive and affordable place to live? I doubt that you will you'll just keep on electing Democrats who refuse to believe that it is there policies that cause so many people to go to all the trouble of selling their homes and leaving everything they are familiar with just to be out of that miserable state.
Take a married couple age 65. They own a $200,000 house in the City of Buffalo. They have no mortgage, and get a STAR exemption and a senior STAR exemption on their property taxes.
So let's say Buffalo winters are 70 and sunny. Give that this couple has friends and family in Buffalo, what in the world would motivate them to pack up and move to Arizona? Please clue me in.
And by the way, I have been following online what has been going on with the rebirth of Buffalo in the last five years, and what should happen in the next five years. If it were 70 and sunny in the winter, I would take Buffalo any day (with the bonus of having Toronto and the Finger Lakes two hours away, and skiing one hour away) over anywhere in Arizona.
rubygreta:
I'm not telling anyone to move to Arizona, I just happen to love it here, it works for me. The fact is that winters in Buffalo are anything but pleasant or sunny. Some undoubtably move because of the weather others such as myself move because of the political situation and the astronomical cost of living in New York, and their insatiable demands for more money. The reason houses are so cheap in Buffalo in an otherwise expensive state to live in is because not too many people want to live there. The reason houses are cheaper in other parts of the country are because those states have a traditionally low cost of living. By the way I'm glad you won't be coming to Arizona.
rubygreta:
I'm not telling anyone to move to Arizona, I just happen to love it here, it works for me. The fact is that winters in Buffalo are anything but pleasant or sunny. Some undoubtably move because of the weather others such as myself move because of the political situation and the astronomical cost of living in New York, and their insatiable demands for more money. The reason houses are so cheap in Buffalo in an otherwise expensive state to live in is because not too many people want to live there. The reason houses are cheaper in other parts of the country are because those states have a traditionally low cost of living. By the way I'm glad you won't be coming to Arizona.
Well, if you're the typical New Yorker who moves to Arizona, the feeling is mutual.
You cannot refute my thesis. If Buffalo were sunny and 70 in the winter, very few seniors/retirees would move to Arizona. The vast majority move because of the weather, not because of the taxes or Cuomo's stupid Safe Act.
rubygreta:
I'm not telling anyone to move to Arizona, I just happen to love it here, it works for me. The fact is that winters in Buffalo are anything but pleasant or sunny. Some undoubtably move because of the weather others such as myself move because of the political situation and the astronomical cost of living in New York, and their insatiable demands for more money. The reason houses are so cheap in Buffalo in an otherwise expensive state to live in is because not too many people want to live there. The reason houses are cheaper in other parts of the country are because those states have a traditionally low cost of living. By the way I'm glad you won't be coming to Arizona.
The housing market in Arizona is exploding again, As soon as you put your house on
the market, there is a biding war going on . houses are selling in 1 or 2 days and they are getting
$30,000, $40,000 and over $50,000 over the asking price with multiply bids.
It all comes down to simple supply and demand, Just Like Dallas & Austin etc., Arizona
has population explosion going on again vs WNY that lost nearly 1/2 it's population
Last edited by jackie2000; 05-09-2014 at 03:09 PM..
Reason: typo
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