Why Live in Delaware? The Tax Benefits!
October 13, 2023
It’s always been a passion here at McKee Builders to offer the best homes for our buyers. It isn’t just about the innovative designs and quality craftsmanship of our homes or the distinct characteristics of our communities. It’s also about where we build them. We currently have two communities in the great state of Delaware, Friendship Creek and the upcoming East Gate. Of course, there’s plenty to love about this state, but today we want to highlight one major benefit to living here…the many tax benefits!
Did you know that Sussex County, where our communities are located, is the second-best county for property taxes in the nation? Delaware has some of the most beneficial tax laws in the US, too. Low property taxes in Coastal Delaware were based on assessments from years ago, making it a highly desirable place to buy a home.
Social Security & Retirement Income
If you receive social security as your sole source of income, you’ll be happy to know that a move to Delaware means you won’t be taxed on it. No state income tax applies to your social security income either. For residents 60 and older, up to $12,500 of retirement income is tax-exempt, and 65+ residents could get a credit up to $500, or equal to half of the school property tax. Enjoy more money each month with these benefits!
When living in Delaware, you won’t have to worry about inheritance taxes. Receive from older generations or pass along estates to loved ones carefree.
One of the best parts of living in a beautiful Coastal Delaware town is shopping at the many unique shops and boutiques. Well, you can shop til you drop as Delaware has tax-free shopping. From small stores to national chains, you can take advantage of this major benefit and enjoy the extra savings.
One Last Benefit
In addition, there are no personal property taxes. With all of these benefits, it’s no wonder many people are making the move to Delaware. The overall savings and low cost of living are hard to ignore.
Aside from these tax benefits, our communities here are part of the reason Coastal Delaware is a great place to live. Friendship Creek features townhomes just minutes away from Bethany Beach while East Gate will feature single-family homes in the Fenwick Island area. Both offer the perfect beach home lifestyle and amenities to enjoy each day, along with quality constructed homes providing you comfortable retreat.
Let us know if you have any questions or would like to learn more about our Delaware communities by contacting us online.