As the housing recovery rolls on, baby boomers and empty-nesters may be looking to finally downsize and trade-in for a retirement home in a new locale. Kiplinger recently ranked the top states in which to retire based on special tax breaks for seniors, easy access to amenities, and active lifestyle opportunities for older adults.
The following are the states that ranked at the top and some of the tax breaks for seniors there:
- Arizona: Home owners who meet certain residency requirements and are ages 70 and up can apply to defer their property taxes.
- Delaware: It has no state or local sales tax, and older home owners may be able to qualify for a property tax credit up to $500.
- Florida: The state has no inheritance tax, state tax, or retirement income tax.
- Georgia: Social security income and up to $35,000 of most types of retirement income are exempt from taxes.
- Louisiana: Civil service, state and local government pensions, as well as military income and social security, are exempt from the state’s income taxes.
- Mississippi: It has one of the lowest property taxes in the nation.