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Old 05-27-2012, 05:59 AM
 
1,463 posts, read 3,265,853 times
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Quote:
Originally Posted by markc View Post
We're planning to retire in a few years and had planned for years to retire to Maine. However, the tax burden in Maine is a concern and we are thinking about living in southern New Hampshire to minimize the tax burden in retirement (our hearts are in Maine though).

Does anyone have information (or links to credible sites) on the true relative tax burdens of the two states? NH has no income tax but they have relatively higher real estate taxes. On the other hand, it appears that NH taxes capital gains and dividends at 5% (a key consideration for a retiree living on investment income).
Go to www.realtor.com and look at the properties for sale in both areas you are interested in. I do believe that tax information will be included on this site. I too love Maine but the part I love is so far North, I would never see any of my family just my exes and altho we parted on good terms, need to be closer to my folks. I am sure you will find what you are looking for on this site and if not, then call one of the realtors in each area. Good luck and happy retirement. I am retired now too and love it.
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Old 05-27-2012, 06:00 AM
 
Location: Forests of Maine
37,443 posts, read 61,352,754 times
Reputation: 30387
As far as I know only VA [disability] money is tax-free in Maine.

A reduction in property taxes is also available to veterans; but only if your 100% disabled.

I do not receive any VA money, nor am I 100% disabled; so I do not get any reduction in property taxes from being a vet.
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Old 05-27-2012, 06:10 AM
 
Location: 3.5 sq mile island ant nest next to Canada
3,036 posts, read 5,884,828 times
Reputation: 2170
Quote:
Originally Posted by forest beekeeper View Post
As far as I know only VA [disability] money is tax-free in Maine.

A reduction in property taxes is also available to veterans; but only if your 100% disabled.

I do not receive any VA money, nor am I 100% disabled; so I do not get any reduction in property taxes from being a vet.
We have to get to 62 yrs old first forest if not 100% disabled. Then we can get $6,000 of the valuation. A few years to go yet.

The VA check is federally exempt but I don't know about states other than Maine. I get 10% of my retirement comes goes through VA and is tax exempt. I know some who have worked it to 100% and feel I am foolish for not pushing it.
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Old 05-27-2012, 07:50 AM
 
Location: Forests of Maine
37,443 posts, read 61,352,754 times
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Quote:
Originally Posted by retiredtinbender View Post
We have to get to 62 yrs old first forest if not 100% disabled. Then we can get $6,000 of the valuation. A few years to go yet.

The VA check is federally exempt but I don't know about states other than Maine. I get 10% of my retirement comes goes through VA and is tax exempt. I know some who have worked it to 100% and feel I am foolish for not pushing it.
Ooops I forgot about the over 62 part. Thanks.

I think that all states follow the Federal example on VA money.

I have seen vets, who try to 'work' the system to increase their disability rating. My VFW post has a guy whose job it is to do that. I understand that some vets are disabled and may need assistance in getting the correct disability rating from the VA. Though I am not sure about the ethics of trying to increase your rating if your not truly disabled.

I have four 'disabilities'. Each is rated at zero-percent. I could fight to have them raised, but I do not consider myself to be disabled, so I am fine with them being rated at zero-percent.
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Old 05-27-2012, 05:10 PM
 
Location: 3.5 sq mile island ant nest next to Canada
3,036 posts, read 5,884,828 times
Reputation: 2170
Quote:
Originally Posted by forest beekeeper View Post
Ooops I forgot about the over 62 part. Thanks.

I think that all states follow the Federal example on VA money.

I have seen vets, who try to 'work' the system to increase their disability rating. My VFW post has a guy whose job it is to do that. I understand that some vets are disabled and may need assistance in getting the correct disability rating from the VA. Though I am not sure about the ethics of trying to increase your rating if your not truly disabled.

I have four 'disabilities'. Each is rated at zero-percent. I could fight to have them raised, but I do not consider myself to be disabled, so I am fine with them being rated at zero-percent.
Yup, that's how I feel. I walked into Togus when I first got out and they said 10% on the thumb the rest is OK. I said sure, why not, I didn't expect anything but the free checkup. Still don't consider my self actually "disabled". Just a bit stiff in the thumb, hip and knees is all. Can still work and get paid and keep up the house yard and garden.
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Old 06-13-2012, 04:47 PM
 
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I am interested in knowing about some of this land that you are talking about.
I grew up in Maine and moved around for work. I am now interested in going back to maine and am starting to explore land/homes, etc.
thanks in advance,
Lisa
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Old 06-21-2012, 07:03 AM
 
Location: Forests of Maine
37,443 posts, read 61,352,754 times
Reputation: 30387
Quote:
Originally Posted by retiredtinbender View Post
Yup, that's how I feel. I walked into Togus when I first got out and they said 10% on the thumb the rest is OK. I said sure, why not, I didn't expect anything but the free checkup. Still don't consider my self actually "disabled". Just a bit stiff in the thumb, hip and knees is all. Can still work and get paid and keep up the house yard and garden.
A lot of 'disabilities' are like that.
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Old 06-21-2012, 12:39 PM
 
Location: Boilermaker Territory
26,404 posts, read 46,544,081 times
Reputation: 19539
NH has some great areas near Lake Winnipesaukee that are popular with retirees. My parents are retired and nearly closed on a house in Moultonborough within view of the water, but the inspection revealed far too many issues with it. It really is a great area with a reasonable tax rate of $8.33 per $1,000 assessed value. Taxes run $1000-1500 a year on most properties less than $200-250K. Even lower priced properties can easily be found as well.
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Old 06-26-2012, 10:12 PM
 
1,963 posts, read 4,751,635 times
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Quote:
Originally Posted by GraniteStater View Post
NH has some great areas near Lake Winnipesaukee that are popular with retirees.
indeed! A beautiful lake and gorgeous area.
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Old 06-28-2012, 12:39 PM
 
Location: Log "cabin" west of Bangor
7,058 posts, read 9,074,602 times
Reputation: 15634
Quote:
Originally Posted by forest beekeeper View Post
A lot of 'disabilities' are like that.
Mine were enough that I received an involuntary retirement but I still work and earn a living, don't collect a dime that I don't make on my own. Nice to see some other upstanding people who don't milk the system. I get sooooo ticked off when I hear some people whining "Oh, poor me, I *can't* work..." and they are in better shape than I am...and don't even get me started on...nevermind, this isn't the place for a rant on *that*.
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