Virginia State taxes on retirees and comparison to NYS tax (Roanoke: sales, HOA)

[NY Flo]

Does Virginia tax social security benefits? Kiplingers says no but I thought I saw a line on the VA tax form including social security benefits (federal taxable amount).

Also has anyone relocated from NY and found that VA was lower state tax overall? (I know property taxes are less but NY does allow $20,000 in qualified retirement income exclusion vs $12,000 for VA).

Thanks for any help.

[elizabeth224]

Virginia doesn't tax SS. We are also looking at VA for retirement. I am not from NY but would suggest you look at some of the Retirement sites for calculating taxes. Kiplinger and Smart Asset are easy to use.

Throughout this process we are learning to look at the whole picture. Example we are from MD. While our property taxes are higher than VA we do not pay a personal property tax on autos, boats and campers each each. We are not in an HOA community but included in our property tax is street care, snow plowing, sewer etc.

VA also taxes groceries. Williamsburg just raised their sales tax. But, VA offers a 12,000 exemption on retirement which MD doesn't.

After all of this research the biggest thing I have learned is to base your decision on where you really want to live. That being said we are still looking because we love VA as much as MD.

[LesLucid]

Originally Posted by elizabeth224

Virginia doesn't tax SS. We are also looking at VA for retirement. I am not from NY but would suggest you look at some of the Retirement sites for calculating taxes. Kiplinger and Smart Asset are easy to use.

Throughout this process we are learning to look at the whole picture. Example we are from MD. While our property taxes are higher than VA we do not pay a personal property tax on autos, boats and campers each each. We are not in an HOA community but included in our property tax is street care, snow plowing, sewer etc.

VA also taxes groceries. Williamsburg just raised their sales tax. But, VA offers a 12,000 exemption on retirement which MD doesn't.

After all of this research the biggest thing I have learned is to base your decision on where you really want to live. That being said we are still looking because we love VA as much as MD.

Maryland also has an additional county 50% tax (of your state tax amount) added into your state tax bill. I don’t think Virginia does that, though it’s been a long time since I lived there. Having lived in both states, I believe Virginia has a more to offer.

[Piney Creek]

Originally Posted by elizabeth224

VA also taxes groceries. Williamsburg just raised their sales tax.

Insider tip: Locals shop and usually eat out in James City County. You maybe drive an extra mile, but you get better prices, better selection (IMO), and you avoid some of the tax increases that were put in for the tourists. Personally, I think they made a mistake increasing taxes on the tourists, but that's a topic for another thread. Sales tax is now 7%, in case you were wondering.

Originally Posted by elizabeth224

After all of this research the biggest thing I have learned is to base your decision on where you really want to live. That being said we are still looking because we love VA as much as MD.

Absolutely agree with this.

.

[Piney Creek]

By the way, depending on where you live, it's sometimes possible to have a good portion of your personal property tax taken care of if you volunteer for fire or rescue companies. There are a lot of different ways to volunteer, including helping out with fundraisers or other such administrative work. It might be work checking into. It's also a good way to meet people in your new town.

[NY Flo]

Thanks to all. Yes the little fees do add up beyond an overall tax rate. BTW Piney I never thought you could be rated a volunteer if you weren't going out on calls. DH is a 50 year member of a local Fire Department on Long Island. So maybe we could be involved at our age.

[Piney Creek]

Originally Posted by NY Flo

Thanks to all. Yes the little fees do add up beyond an overall tax rate. BTW Piney I never thought you could be rated a volunteer if you weren't going out on calls. DH is a 50 year member of a local Fire Department on Long Island. So maybe we could be involved at our age.

Which Long Island fire department? Bayville, by any chance? That would be too funny!


Yes, Virginia values its admin volunteers. They have a lot of different things you can do, from helping with membership, doing paperwork, putting on fundraisers, going to the schools for safety education, etc. I can't guarantee that your personal property tax will be covered, since every county does something different. But you'll be appreciated. And, you'll meet a lot of other retirees.

[NY Flo]

No Piney. He's with Lynbrook. Bayville is a beautiful area though. It is a good thought if we do make a move.

[Rickcin]

Having moved here to Roanoke Virginia from NY about two and a half years ago, we’ve greatly reduced our expenses due to the overall cost of living. There is a significant difference.

[ultimatetacs]

When you plan to move to another state when you retire, examine the tax burden you’ll face when you arrive. State taxes are increasingly important to everyone, but retirees have extra cause for concern since their income may be fixed.