Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We currently live just outside Seattle and are looking for places to retire. Has anyone lived in AZ and FL and WA for any length of time that can advise me on the taxes, etc.? We are debt free and own a home in WA and only have 401ks to retire on and savings in the bank. Our home is worth $700K. No state income tax in WA but the other taxes kill us (property taxes $9k, sales tax, cola). Thinking of retiring early too, so would need to purchase health care. TIA
We currently live just outside Seattle and are looking for places to retire.
No state income tax in WA but the other taxes kill us (property taxes $9k, sales tax, cola).
Of note... when you get to things like property tax check at the COUNTY/Town level.
Rates, assessment basis, frequency of re-figuring, etc. often varies a LOT...
but even at the extremes (MS vs CT) the overall tax burden differences of X vs Y isn't all that much.
In our county in Washington state there is no possibility of a homestead exemption on the real estate taxes, as there is in Florida and Texas, two states I have personal knowledge of. This makes a big difference on those huge real estate taxes. But of course your biggest money pit - your house - could be a game changer in either of those aforementioned states, too. You'd probably save on capital costs unless you insisted on buying beachfront property.
If you are working with a tight budget once you settle on an area check all your utility costs for the place you want to buy. The costs can vary a lot and different utilities can service part of a town.
I can understand leaving some areas because of the cost. Some things should be a factor when you move to a new location but not the only factors. You still want to enjoy the place you move to.
My property taxes are less than a dollar a day. I have every type of medical facility within 2 miles of my home. We have about the lowest sales tax in Arizona. Those are not the reason I moved here, they are just an added bonus. They did not factor into my decision to live here. If my property tax was $5 a day(I know still low) no doctor within 10 miles, and the sale tax was 3% higher I would still have moved here.
I can only see using taxes and cola as a tie breaker if you can't decide between 2 places that are equal in every other way.
I can understand leaving some areas because of the cost. Some things should be a factor when you move to a new location but not the only factors. You still want to enjoy the place you move to.
My property taxes are less than a dollar a day. I have every type of medical facility within 2 miles of my home. We have about the lowest sales tax in Arizona. Those are not the reason I moved here, they are just an added bonus. They did not factor into my decision to live here. If my property tax was $5 a day(I know still low) no doctor within 10 miles, and the sale tax was 3% higher I would still have moved here.
I can only see using taxes and cola as a tie breaker if you can't decide between 2 places that are equal in every other way.
Well said.
Places change their tax burdens, sometimes creating new taxes (and levies and other costs) where ones did not exist before. Do you leave just because of that? When you add up all taxes down to the municipal level, the differences between places isn’t necessarily big, but the distribution of where the hits are might make a significant factor.
QOL matters just as much as COL, especially for retirees. Typically, they are seeking their last or next to last home.
Last edited by pikabike; 07-29-2018 at 07:53 AM..
Reason: icip
Our neighbors in Washington state have a senior low income property tax exemption. I think it is $40k a year and you can deduct prescription costs from your gross income. Check with your county assessor or treasurer office. If it wasn't for our home business, we could do the same. Ours are $3000 a year but we have a ag exemption. I believe our home is worth $450k.
... Has anyone lived in AZ and FL and WA for any length of time that can advise me on the taxes, etc.?
Has anyone ever retired before? No, nobody has ever retired before.
You may want to look at which states have the highest average age, or the highest percentage of retirees. That would show you where other retirees have gone.
Here in Maine [the state with the highest percentage of retirees], I pay no income taxes. My property taxes run around $850/year for a 3,000sqft house and 150 acres of forest land with river frontage.
I used to own a home in Bremerton Wa, I was nearing retirement and I had to get out of there.
Has anyone ever retired before? No, nobody has ever retired before.
You may want to look at which states have the highest average age, or the highest percentage of retirees. That would show you where other retirees have gone.
Here in Maine [the state with the highest percentage of retirees], I pay no income taxes. My property taxes run around $850/year for a 3,000sqft house and 150 acres of forest land with river frontage.
I used to own a home in Bremerton Wa, I was nearing retirement and I had to get out of there.
Maine has 1.3 million people, of which 250k are over age 65, which is about 19 percent based on statistics.
Florida has 21.3 million people, of which 4 million are over age 65, which is also about 19 percent.
Percentage vs total numbers can be very misleading. Florida's age 65+ population is 3 times the total population of Maine. So, as beautiful as Maine is, and as wonderful as it has been for you, sorry, but retirees are not flocking to Maine. Most of them are probably life long Mainers.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.