Delaware Taxes & Toxins???? (how much, homes, budget)

[peeweeaz]

Charley,

A little clarification on you recent post vis-a-vis Delaware state income tax.
Delaware does not tax social security or railroad pensions. If you'e 60 plus, the first $12,000.00 of either a federal, state or private pension is exempt. Also, if you're 60 plus, you get a personal credit of $110.00. Plus all residents 60 plus get a $2,000.00 personal exemption if earned income is less than $2,500.00 and your Adjusted Gross Income is under $10,000.

Federal retirees under 60 get a $2,000 exclusion.

The key to the $12,000.00 exclusion is your age. Hope this helps.

Bob

[elizamary]

Originally Posted by peeweeaz

Charley,

A little clarification on you recent post vis-a-vis Delaware state income tax.
Delaware does not tax social security or railroad pensions. If you'e 60 plus, the first $12,000.00 of either a federal, state or private pension is exempt. Also, if you're 60 plus, you get a personal credit of $110.00. Plus all residents 60 plus get a $2,000.00 personal exemption if earned income is less than $2,500.00 and your Adjusted Gross Income is under $10,000.

Federal retirees under 60 get a $2,000 exclusion.

The key to the $12,000.00 exclusion is your age. Hope this helps.

Bob

So you are saying that if you are over 60 regardless of income, you get a personal credit of $110?
Also,
and if I was federal retiree under 60....... and get the $12,000 pension limit plus another $2,000 = $14,000. Anything after that would be taxed?

I know if you are 65 you can apply for a 50% school tax credit. Too late now for this year. Taxes had to be paid by Sept 30 I believe. One of my neighbors hubby is 78 and she was interested but unfortunately it is too late for this year.


The tax laws in DE are still confusing to me and this coming year is going to be a banner tax year.

.

[peeweeaz]

Eliza,

1. If you're a federal retiree 59 or under, you only get a $2,000.00 pension exclusion (subtracted off the top of your pension income).
2. If you're a federal retiree 60 or more, you get a $12,000.00 pension exclusion (off the top) plus a personal credit of $110.00; plus a $2,000.00 exemption.
3. If your earned income (not pension income) is less than $2,500.00 and the Adjusted Gross Income is under $10,000.00 (all taxable income, including taxable pension income), you get a $2,000.00 exemption (doubles if you're married)
4. Social Security and Railroad Retirement benefits are not taxed.

Hope this helps.

Bob

[elizamary]

Originally Posted by peeweeaz

Eliza,

1. If you're a federal retiree 59 or under, you only get a $2,000.00 pension exclusion (subtracted off the top of your pension income).
2. If you're a federal retiree 60 or more, you get a $12,000.00 pension exclusion (off the top) plus a personal credit of $110.00; plus a $2,000.00 exemption.
3. If your earned income (not pension income) is less than $2,500.00 and the Adjusted Gross Income is under $10,000.00 (all taxable income, including taxable pension income), you get a $2,000.00 exemption (doubles if you're married)
4. Social Security and Railroad Retirement benefits are not taxed.

Hope this helps.

Bob

Yes Peeweeaz..........You have been a huge help. Thanks for taking the time to send me "much needed" information. I really do appreciate it.

[peeweeaz]

Elizamary,

For as much as you have done for the folks on this forum, that was the least I could do. You asked me a little while ago when I was coming to DE. Perhaps this spring or early summer. I will definitely look you up and will probably find you as gracious and nice as Charley said you are. If you have any other questions, please feel free to ask.

Bob

[elizamary]

Originally Posted by peeweeaz

Elizamary,

For as much as you have done for the folks on this forum, that was the least I could do. You asked me a little while ago when I was coming to DE. Perhaps this spring or early summer. I will definitely look you up and will probably find you as gracious and nice as Charley said you are. If you have any other questions, please feel free to ask.

Bob

You may be disappointed.........Charley lies. LOL (joking charley)

Looking forward to meeting you when you get here.

And I haven't done that much. Just like to post and meet people. Acually, this is my experience and I'm happy to help anyone with doing what I love. Typining on the internet

[JoycieM]

Hi everyone. It's me again. I have yet another question regarding taxes. I have read where the property taxes are low in the 55+ manufactured communities. But, we have been looking at tax rates and have seen different categories for Kent County. When we looked at city by city we noticed taxes for the county rate, school rate, city rate, library rate, and vo-tech rate. The total tax rate per $100 assessment is $1.876. At the assessment rate of 57.8 percent of market value on a home costing $160000 the taxes for the year would be a bit over $1700. Are the taxes so low in Southern Meadows for example due to the fact that it is a manufactured home? I am sorry to be a pain but I have been surprised enough recently and want to know all of the facts. Eliza, maybe you can help me out here. Anyone???

Thanks
Joycie

[Charley]

I don't know this for fact, but I believe that the calculations you displayed above are for people who own the home and the land under it. In a place like Southern Meadows, or any land lease community, you are paying tax only on the home, not the land. The landowner pays the tax on the land and you, of course, are paying the landowner back through your monthly ground rent.

Charley

[elizamary]

Originally Posted by JoycieM

Hi everyone. It's me again. I have yet another question regarding taxes. I have read where the property taxes are low in the 55+ manufactured communities. But, we have been looking at tax rates and have seen different categories for Kent County. When we looked at city by city we noticed taxes for the county rate, school rate, city rate, library rate, and vo-tech rate. The total tax rate per $100 assessment is $1.876. At the assessment rate of 57.8 percent of market value on a home costing $160000 the taxes for the year would be a bit over $1700. Are the taxes so low in Southern Meadows for example due to the fact that it is a manufactured home? I am sorry to be a pain but I have been surprised enough recently and want to know all of the facts. Eliza, maybe you can help me out here. Anyone???

Thanks
Joycie

Hi Joycie,

Charley is correct. We are paying taxes only on the home not the land.

Not sure of the exact figure but I can tell you what we paid so far.
Moved in Feb 9th 2007
Got a tax bill for $70 in June
another
for $270 in Aug to be paid by Sept. Apparently Sept 30th is like an April 15th.

As far as I can see, the taxes will not be more than $400 a year for real estate and school taxes combined.
People have been confused here and complaining they had to pay $290. I told then $290 is not much at all for taxes. Some must still be living in the stone age.

I will get out my paper and double check but I'm almost totally sure the taxes will not exceed $400 a year so far.
Might be a tad less.

[JoycieM]

Thank, Eliza and Charley. I was thinking the taxes might be on the house only and in some states I have visited, the homes are considered in the same category as vehicles. After visiting Nittany Glen and seeing how much the taxes were, we got concerned that there may be additional taxes. We just want to have as much information as possible so we can plan our budgets.
You all are just great.

Joycie