How All 50 States Are Taxing Retirees In 2021

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29.Nevada: very tax-friendly

Nevada is the perfect place for retirement: there is no state income tax, so you can live easily and save money from your retirement plans and even your Social Security checks without worrying about a big state tax bill.

  • There is no State Income Tax Range;
  • The Average Combined State and Local Sales Tax Rate is 8.23%;
  • The Median Property Tax Rate is $533/$100,000 of assessed home value;
  • There is no Estate tax or Inheritance tax.

30.New Hampshire: not recommended

The median property tax rate in New Hampshire is the fourth-highest in the U.S.

  • There is no State Income Tax Range, but there’s a 5% tax on dividends and interest in excess of $2,400 for single filers($4,800 for joint filers);
  • There is no Average Combined State and Local Sales Tax Rate as well;
  • The Median Property Tax Rate is $2,050 per $100,000 of assessed home value;
  • No Estate Tax or Inheritance Tax.

31.New Jersey: not so tax-friendly

As a retiree, you will find New Jersey has some crushing property taxes.

  • The State Income Tax Range is 1.4%(on up to $20,000 of taxable income)-10,75%(on taxable income over $1million);
  • The Average Combined State and Local Sales Tax Rate is 6.6%
  • The Median Property Tax Rate is $2,417/$100,000 of assessed home value;
  • There is no Estate Tax, but there is an Inheritance Tax.

32.New Mexico: not tax-friendly

New Mexico’s sales tax has a broad reach, focusing more on services rather than goods. That is why it can be difficult to live here if you’re a senior.

  • The State Income Tax Range is 1.7%(on up to $5,500 of taxable income for single filers and $8,000 for couples)-5,9%(on taxable income over $210,000 for single filers and over $315,000 for couples);
  • The Average Combined State and Local Sales Tax Rate is 7.84%;
  • The Median Property Tax Rate is $776/$100,000 of assessed home value;
  • There is no Estate tax or Inheritance tax.
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