Delaware
Phone:
(302) 336-8181
Delaware was recently named the #1 state in the country to retire in 2024 and we definitely know why! Below are just a few reasons why Delaware has become one of the most popular states in the country to own property.
Delaware does not impose any state or local sales tax on purchases, making it an attractive destination for shoppers and everyday items more affordable.
Property taxes in Delaware are relatively low compared to many other states. Additionally, Delaware offers various property tax relief programs for qualifying residents, such as the Senior School Property Tax Credit and the Property Tax Relief for Disabled Veterans.
Delaware offers favorable tax treatment for retirement income. Social Security benefits and retirement account distributions (such as 401(k) and IRA withdrawals) are not taxed at the state level.
Delaware exempts Social Security benefits from state income tax, providing additional savings for retirees.
Delaware does not impose an inheritance tax on transfers to surviving spouses, children, grandchildren, or parents.
New construction home sales have surged in the recent years giving buyers several options to purchase brand new homes throughout the state. Several 55+ communities have also been completed to provide buyers with more options.
It is important to note that individual tax situations vary, and while Delaware offers several tax benefits, it's advisable to consult with a tax professional to understand how these advantages apply to your specific circumstances. Additionally, tax laws and regulations may change over time, so staying informed about current tax policies is essential. This information is from July 2024. If you're looking to take advantage of what Delaware has to offer, we'd love to help make that dream a reality! Contact using the button below or call our direct line at 302-336-8181.