Montana Best Places to Retire - A Guide
Montana is the western state which many outdoors oriented active adults over 55 plan on selecting as their retirement community, and here is where you can find all the best places to retire in Montana. It offers a varied climate, some of the greatest scenery in the world, and unlimited recreation opportunities. Montana can be less expensive than states on the west coast. It is somewhat remote with long distances to any big city (Spokane is the closest at 200 miles away). The Montana Rockies and Bitterroot Mountains run through the state. This site will acquaint you with some basic facts about what it's like to retire in Montana. The population was at just about 1 million in 2012.
A resort in Big Sky, Montana
The Montana climate is characterized as steppe, a higher altitude climate. There is generally plenty of sunshine, low humidity, mild summer and severe temperatures in winter. Summers can be hot except in the mountains which tend to be cooler than at lower altitudes.
The Economy and Real Estate Prices
In 2011 the Montana household income was at $44,222, well below the national average. Real estate and the general cost of living is above average compared to the total U.S.; the median home value was $159,000 in mid 2013. Unemployment is lower than the national average. The Forest Service, natural resources, agriculture, and tourism are important to Montana' s economy.
Tax Burden: With a tax burden of 8.6%,
Marginal Income Tax Rates. The Montana top marginal income tax rate is 6.9%.
Retirement Income Exemptions. Montana does not exempt federal, state, or local pensions from state income tax, although there are some minor exemptions for people with lower incomes.
Social security exemption. Montana taxes social security income.
Sales Tax: Montana has no sales tax.
Property Taxes: All residential properties receive a 34% exemption if it's filed for. The residences of same disabled residents and some spouses of deceased veterans are exempt from taxation.
Homestead Exemption. A homestead exemption in Montana protects up to $250,000 of the equity in a residential property.
Estate and/or Inheritance Taxes. There is no inheritance or estate tax.
Link to Montana Department of Revenue
Certified Retirement Communities
Montana does not have a certified retirement community program.
Best retirement communities
Montana tends to be very mountainous. Several cities and towns in Montana are popular as retirement communities, particularly places like Whitefish or Bozeman. Missoula is a college town where the University of Montana makes a vital presence. Many wealthy people are interested in buying ranches in Montana, which has tended to drive up the cost of ranch land. At $233,000, the median home price in Missoula is slightly above the national average. This MarketWatch article has some good info on retiring in Montana.