55+ Delaware Real Estate Booms!
The 55+Delaware Beach Real Estate and its beautiful beaches attracts numerous retirees and second home buyers. Coastal Delawares proximity to Washington D.C., Philadelphia, Baltimore, New Jersey , Manhattan, make it a haven for those wishing to escape the huge metros areas. Coastal Delaware has much to offer and is also only a few hours drive to these major populated areas.
All 55+ Delaware Beach Real Estate Communities
Village Of Redmill Pond
Village Of Cindberry
55+Delaware Real Estate and its Tax Benefits
All real property in the state of Delaware is subject to tax unless specifically exempt. Furhermore , personal property tangible or intangible is exempt. Real estate is also subject to county,school district, and municipal taxes. However Delaware offers some of the lowest real estate taxes in the country. Computation of taxes by Sussex county municipalities vary.. For example : Rehoboth Beach taxes are 50% of the 1968 assessment., Lewes taxes are 50% of the 2000 yr. assessment and Millsboro are 100% of the 1993 assessment. Unlike many counties, properties are not reassessed when they transfer ownership in Sussex County.Consequently this is a major factor of 55+ Delaware Real Estate.
The most tax friendly state ??? DELAWARE
No sales tax…. keeps the outlet shoppers coming back making the outlets one of the busiest outlet areas in the country.
No Inheritance tax… for most residents (generous financial limitations).
No social security tax…for residents of Delaware
Railroad Retirement….. benefits are Exempt from Delaware income tax.
OVER 60 Years of Age…..Exclude $12,500 pf investment and qualified pension income.
Now after adding this all up its no wonder Kiplingers Finance magazine named Delaware “The Most Tax-Friendly State for Retirees”
The Delaware coastal real estate market also provides a great opportunity.It is great for those seeking a Delaware retirement and take advantage of the states low property taxes. Coastal Delaware is one of the fastest growing areas in the country due to its favorable tax structure. People buying that second home or future retirement home keeps the Delaware Coast population increasing.