The First State and its First-Rate Tax Advantages
Delaware might be a small state, but it’s packed with big savings for retirees. Beyond its proximity to beaches and major cities, Delaware offers better tax benefits than rival areas along the Northeastern coast. At Nobel’s Pond in the heart of Dover, you can enjoy the rewards of your hardworking years without having to pay for it; because you deserve it!
- No sales tax
- No personal property taxes
- No taxes on social security benefits
- Low property taxes
- No inheritance or estate taxes
Let’s take a closer look at these great advantages
No Sales Tax
Delaware is one of the few states without sales tax. This alleviated burden allows your dollar to go further as the savings add up while you shop. To compare, New Yorkers pay a whopping 8.5% sales tax, New Jersey is at 6.6%, Pennsylvania taxes residents 6.3% and Maryland pays an even 6% sales tax.
No Personal Property Tax
Your automobile, boat, RV, and other moveable assets are not subject to annual property tax. Buy tangibles with confidence, knowing you won’t have to pay later. Several states are looking to follow Delaware’s example, but it may take a while for changes to go into effect. It pays to be the First State!
No Taxes on Social Security Benefits
Retired or looking to retire? Social security benefits are tax-exempt in Delaware. As far as retirement income goes, such as pensions and retired military pay, up to $12,500 is tax exempt for those who are 60 or older. Military disability pay and Veterans Administration benefits are also nontaxable.
Low Property Tax
Real estate taxes, including school taxes, for Noble’s Pond homes are estimated between $1,500 and $2,000 per year, a dramatic savings over tax averages in New York, New Jersey, Pennsylvania, Maryland and other nearby states.
No Inheritance or Estate Taxes
Estate and inheritance taxes are burdensome. Effective January 2018, Delaware repealed its estate tax bill and does not have an inheritance tax. New Jersey and Pennsylvania collect inheritance taxes. New York collects estate taxes and Maryland takes both.
Kiplinger’s ranks Delaware “The Best” State for Retirement. Such accolades confirm our tax-friendly state is an attractive option, especially for those in neighboring states where taxes are significantly higher. At Noble’s Pond – a gem of Dover, DE – you can worry less about taxes and more about enjoying your hard-earned retirement!