5 Financial Benefits of Living in Delaware
Delaware living comes with myriad financial benefits
Delaware’s spectacular natural grandeur and 28 miles of stunning coastline prompted Thomas Jefferson to call it the “jewel among the states”. Since then, its storied heritage as America’s first state and its unique blend of small town American life and vibrant culture place Delaware high on the wish list of smart home buyers.
If you’re looking at new townhomes in Delawareto enjoy the American dream, then Darley Green‘s master- planned community of gracious townhouses and condos deserves your attention. But there are also a number of unique financial benefitsto buying a home in Delaware.
Delaware may be the most tax friendly state in America
Delaware enjoys its enviable place at the top of most lists of tax-friendlystates in the Union.
First, Delaware residents and visitors enjoy tax free shopping all year roundon almost all retail items. Delaware is a shopaholic’s paradise with upscale name-brand outlets and malls, and gorgeous little boutiques to make your shopping dollars go further.
Next, its income tax rates are low — 2.2% on the low end up to $5,000 and a modest 6.75% on taxable income over $60,000. On January 1, 2014, that rate was reduced further to 6.6%.
According to the Tax Foundation, Delaware also has one of the lowest real property tax rates in the U.S.The median property tax on the state’s median home value of $249,400 is only $1,078.
All personal property, tangible and intangible, is exempt from taxes.
Delaware’s estate tax exemption is $5.25 million, and the maximum estate tax rate is only 16%.
Equally significant is that there is no inheritance tax in Delaware.
Retirement age residents keep their resources protected
It makes sense for retirees to find a home state where the money they’ve set aside to enjoy the next phase of their lives is protected.
For Delaware residents of retirement age, the tax benefits are extraordinary. Social Security benefits are not taxed. Taxpayers over 60 can exclude $12,500 of investment and qualified pension income from state income taxes. Those who are 65 or older can exclude an additional $2,500 as of January 1, 2014. Delaware also offers various property tax relief programsfor residents age 65 or older or residents with disabilities.
Darley Green blends luxury, style, and location
If you’ve been looking for houses for sale in Delawareor a new townhome, you’ll be pleased to find how perfectly Darley Green is located. 20 minutes from Philadelphia and only 10 minutes from downtown Wilmington, Darley Green’s master-planned community offers its residents the graciousness and feel of a classic small town only a short drive to the entertainment and attractions of the city.
If you’re a single professional or a couple, a young family starting out, or an active retiree, you owe it to yourself to visit Darley Green and see why our homeowners reap major tax benefits in Delaware while living in comfort and affordable luxury.For more information on Darley Green’s townhomes and condominiums, stop by our model home any day from 11AM-6PM, or call Community Sales Manager Amy Maluski at 302-655-2600.