Maryland Best Places to Retire - A Guide
Are you searching for some of the best places to retire in Maryland? If so you can use this website to find data and opinions on the many existing and new Maryland active adult retirement communities and places to retire. The Maryland household population was 5.8 million in 2012. biggest city is Baltimore, it has delightful small towns, and many historic towns like Annapolis. Just about everywhere is near the water, particularly the massive Chesapeake Bay. The Wikipedia entry for Marylandhas more facts. Updated 2/2016.
The Maryland climate is called humid-sub-tropical. Summers are hot and humid and winters are slightly less cold than in the northeast.
Economy and Home Prices
Maryland is one of the wealthiest states in the United States, with a household income of $72,419 in 2011. The median home price in Maryland in early 2016 was $249,800. Prices can range greatly - in Baltimore the median home price was $110,300 in early 2016 (Zillow), although NAR reported the wider Baltimore/Towson Metro price to be $233,000 in late 2015. Annapolis home prices are $383,500 (Zillow), reflecting its desirability and affluent population.
Tax Burden: Tax burden here was 7th highest in the nation in 2011, according to the Tax Foundation.
Marginal Income Tax Rates. The highest tax rate of 5.75% kicks in at over $300,000 for couples; the lowest rate is 2%.
Retirement Income Exemptions. Some residents over 65 can deduct up to $27,100 of their pension income (out of state income not included). Military personnel can deduct up to $5,000 of their military pensions.
Social security exemption. The state does not tax social security.
Sales Tax: Sales tax is 6%; local authorities are not permitted to collect additional sales tax.
Property Taxes: Property taxes are among the highest in the nation.The median property tax paid is $2774. or 0.87% of the assessed fair market value.and There is a Homestead program for homeowners of all ages; in effect it is a circuit breaker program where taxes cannot exceed a certain percentage of the homeowner's income.
Homestead Exemption. There is a homestead exemption.
Estate and/or Inheritance Taxes. Maryland has both an inheritance and an estate tax (along with NJ, the only 2 states that have both). The inheritance tax is not subjected on close family members of the deceased. Estates are taxed at 16% on amounts over $1 million (the federal exemption is over $5 million.
Link to the Maryland's Taxes page.
Certified Retirement Communities
Maryland does not have a certified retirement community program.
Best retirement communities in Maryland
Maryland is a highly desirable state for active adults and communities for people over 50. Active adults looking for retirement information on Annapolis will find vital information to help assess this colonial town and the home of the U.S. Naval Academy. Other "best" retirement communities include rural Leonardtown, the thriving beach town of Ocean City, or Salisbury in the heart of the Delmarva Peninsula.
Here is more inside information on retirement living communities in the neighboring states of retire in Pennsylvania, North Carolina, Delaware, New Jersey, Virginia, and Tennessee. These links provide insight and data into economic conditions, climate, top communities, and taxes.
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