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.
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 2012 was $217,500. Prices can range greatly - in Baltimore the median price of $226,500 in the first quarter of 2013 was much higher than the national median. Annapolis home prices are in the high $300's, 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.
Retirement Income Exemptions. Some residents over 65 can deduct a portion of their pension income.
Social security exemption. The state does not tax social security.
Sales Tax: Sales tax is 6%.
Property Taxes: Property taxes are higher than average, and there is a Homestead program for certain homeowners. The median property tax paid is $2774. or 0.87% of the assessed fair market value.
Homestead Exemption. There is a homestead exemption.
Estate and/or Inheritance Taxes. Maryland has both an inheritance and an estate tax. 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.
Free eBook - Baby Boomers Guide to Selecting a Retirement Community - 16 Factors
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