Delaware is an ideal state to call home for many reasons. Aside from its gorgeous beaches and central location in the Mid Atlantic, it boasts some of the best financial benefits for residents in the entire country.
Tax Benefits of Living in Delaware
As if you didn’t need more reasons to move to Delaware, the tax benefits for residents in our state are incredible. Here’s why:
- Delaware is one of five U.S. states that levies no sales tax of any kind.
- Delaware’s income tax rates are relatively low.
- Social security income is not subject to state income tax, nor is the first $12,500 of investment or pension income.
- According to the Tax Foundation, Delaware’s property tax burden is one of the eight lowest in the nation. Delaware residents don’t have to worry about high property taxes driving them out of their idyllic beachside homes.
- Finally, Delaware boasts a favorable tax structure for trusts that can be utilized to bring even more tax benefits to its residents.
Reasons to Move to Delaware
The tax advantages are only a few of the many benefits of living in Delaware. Whether you’ve chosen this location as a beach vacation or as a place to enjoy your retirement, there is much to be explored. Between the endless dining, shopping, and entertainment options, living in Delaware is anything but dull. Picture yourself spending time in the best beach town imaginable with tax benefits, plenty to do, and the ocean less than four miles away. With all of the advantages of living in Delaware, it is no wonder that the AARP and Kiplinger have both repeatedly found the state to be one of the best destinations for retirees.