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Sales taxes are above average in the state - the average combined (state and local) rate is 8.4% (11th-highest in the nation). While plenty of other states have more generous exemptions, Arizona's low income tax rates for most people keep the net burden down. Military retirement income is tax-free in Arizona, too.
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The Grand Canyon State exempts Social Security benefits from state income taxes, plus up to $2,500 of income from federal and Arizona government retirement plans. Sunshine, sunshine, sunshine - and low taxes.
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Median Property Tax Rate: $617 per $100,000 of assessed home value.Average Combined State and Local Sales Tax Rate: 8.4%.State Income Tax Range: 2.59% (on up to $54,615 of taxable income for married filers and up to $27,808 for single filers) - 4.5% (on taxable income over $500,000 for married joint filers and over $250,000 for single filers).As a result, the state-wide average combined (state and local) sales tax rate is 9.22%, which is the fifth-highest in the nation.įor more information, see the Alabama State Tax Guide for Retirees. At 4%, the state rate is low, but some local governments tack on up to 7.5% in additional sales taxes. Plus, all homeowners age 65 or older are exempt from state property taxes.īut Alabama fumbles when it comes to sales taxes. Plus, Social Security benefits and payments from traditional pension plans (i.e., defined benefit plans) are exempt.Īlabama also boasts the second-lowest median property tax rate in the country. While most people end up paying the highest income tax rate, it's not too bad at only 5%. But there are also non-football reasons to spend your golden years in the Yellowhammer State - like relatively low taxes for retirees. If you're a college football fan, perhaps you've thought about retiring to Alabama. Median Property Tax Rate: $395 per $100,000 of assessed home value.Average Combined State and Local Sales Tax Rate: 9.22%.State Income Tax Range: 2% (on up to $1,000 of taxable income for married joint filers and up to $500 for all others) - 5% (on more than $6,000 of taxable income for married joint filers and more than $3,000 for all others).Hopefully, the information below will help you determine if moving to a different state makes sense for your retirement budget. The results are below, along with an overview for each state of taxes that most affect retirees. So, if you're thinking of moving in retirement, where does your current state and your destination state fit it when it comes to taxes? We ranked all 50 states, plus the District of Columbia, based on how they tax retirees. And, while most people tend to focus on income taxes, other taxes - like sales and property taxes - can add up quickly, too. The difference between taxes in one location versus another could be in the tens of thousands of dollars for some people. Your overall state and local tax burden can vary widely from one place to another. But retirees often overlook an important factor when deciding if, or where, they should relocate – state and local taxes. If you want to be closer to your grandchildren, enjoy better weather or pay less for housing, moving to a different state may be the way to go. If any questions arise related to the information contained in the translated website, please refer to the English version.To move or not to move? That is the question for many retirees. Any discrepancies or differences created in the translation are not binding and have no legal effect for compliance or enforcement purposes. The web pages currently in English on the DMV website are the official and accurate source for the program information and services the DMV provides. The DMV is unable to guarantee the accuracy of any translation provided by Google™ Translate and is therefore not liable for any inaccurate information or changes in the formatting of the pages resulting from the use of the translation application tool.
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Google™ Translate is a free third-party service, which is not controlled by the DMV. This translation application tool is provided for purposes of information and convenience only. The Department of Motor Vehicles (DMV) website uses Google™ Translate to provide automatic translation of its web pages.