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May 06

The Tax Benefits of Delaware

Post in | Posted by Baywood Blog Team

After just one visit to Baywood Greens, it's clear that living here offers an incredible value to our residents. Many visitors to the community may be shocked to learn that our beautiful new homes from Christopher Companies only start in the $200s. And our community amenities, such as our renowned clubhouse and golf course, offer the lifestyle you probably thought you could only enjoy with a membership to an expensive country club. It's clear that living in the Baywood Greens community offers an incredible value, but our residents also enjoy financial benefits of living in the state of Delaware - especially when it comes to taxes.

Delaware has been recognized as one of the most tax-friendly states in the country by Kiplinger, CNBC and AOL, and for good reason! The following are some of the most impressive tax benefits that Delaware residents are able to enjoy:

· No sales tax. Delaware is one of only five states in the country that doesn't have sales tax. With the popular shopping destination of Rehoboth only a short drive away from Baywood Greens, our residents who love to shop can take serious advantage of no sales tax in Delaware! And here's a fun fact about the First State: Delaware is able to have no sales tax because of its tax collection on corporations, since the state is home to most of the nation's largest corporations.

· No state inheritance tax or tangible personal property tax. This is perhaps most welcome news to Delaware residents who move from state neighbors of Maryland and New Jersey, who have state inheritance tax and personal property tax as well as sales tax.

· Up to $12,500 of retirement income is tax exempt for those who are 60 and older. This includes pension, interest, dividends, capital gains and rental income. These tax exemptions make Delaware a particularly popular destination for retirees.

· No tax on social security benefits. Another huge benefit for retirees in Delaware!

· A credit equal to half of school property taxes, up to $500, for homeowners 60 years and older.

Geographically speaking, Delaware is the second-smallest state in the nation – but it’s certainly a big state for tax benefits! Our residents certainly enjoy the tax benefits of living in Delaware, but they also know that there’s even more to love about the First State. In our resort community, there’s no shortage of activities and amenities to ensure that you’re spending your time in Delaware in the best way possible. From dining at our spectacular clubhouse, to playing a round of 18, to simply enjoying the natural beauty that’s around every turn at Baywood Greens, our residents enjoy the very best that Delaware resort living has to offer.

SOURCE: Kiplinger, whylovede.com, taxfoundation.org, corp.delaware.gov, Forbes, Daily Finance