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Jul 23 2019

Delaware personal property tax ( Video

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Delaware personal property tax ( Video, REMMONT.COM

Delaware personal property tax


Delaware personal property tax

Berkshire Hathaway
HomeServices
Gallo Realty

37230 Rehoboth Ave.
Rehoboth, DE 19971

Office: 302-227-6101, Ext 118

Tax Advantages for your Delaware RetirementSome of the “lowest real estate taxes” in the country

The Delaware coastal real estate market provides an excellent opportunity for those looking for a Delaware retirement to take advantage of the state’s low property taxes.

For those looking for a top rated place to retire, Delaware is only 4 hours from Manhattan, and less than 3 from Philadelphia, Baltimore and the Nations Capital. But that’s just the tip of the iceberg – read on to find out all the other tax advantages Coastal Delaware has to offer.

Buying Delaware Retirement Real Estate Offers Even More Tax Advantages

If you are considering Delaware as your retirement home, chances are you are already aware of the beautiful beaches, towns, and surrounding area that are along our coast, but you may not be familiar with a few of the tax benefits associated with our state:

  1. No inheritance tax for most residents;
  2. No personal property taxes;
  3. No sales tax on most retail items purchased in the state;
  4. No Delaware tax on social security benefits for residents;
  5. An exclusion amount, depending on your age, of your pension benefits from being taxable by the state of Delaware regardless of what state you resided in when you worked;
  6. Low real estate property taxes.

Additional Resources for Information on Relocation, Taxes, Medical Facilities, Schools, Employment, Senior Services and more: click here

More Liberal Tax Exclusions
There’s no longer any age requirement for the homesellers tax treatment, and it’s no longer once in a lifetime. You can use the liberal exclusion, on up to $250,000 profit for a single homeseller and up to $500,000 gain for those filing joint returns, on any house you’ve owned and occupied as your main residence for at least two of the five years before the sale. And you can do it over again with other houses, as often as once every two years. That’s where the vacation home possibility comes in.

So, in this age of wireless communications, high-speed internet access and telecommuting you can sell that home in the city and with these liberal tax exclusions buy that dream house at the beach you’ve always wanted and never skip a beat when it comes to the office! Or when you finally say good-bye to those 15 hour days and retire – selling your principal residence, now with huge tax savings, allows you to buy that dream house and “relax” with us here at the beach forever! The possibilities are endless!

Mortgages
Finding a mortgage for a second home is now much easier than before this tax code change. Banks tend to look favorably on good credit risks. However, finding the loan may be easier than paying for it. Don’t neglect to plan for the added cost of a second real estate tax, another power bill, phone bill, repairs and upgrades when you analyze what you can spend.

Rental Possibilities
A vacation home is only considered rental property if you rent it out for more than two weeks per year. If you wish to keep it as a family retreat or retirement property, renting your property out for two full weeks per year can conceivably bring in enough income to pay either the property taxes, or any upgrades it needs, quickly lessening the financial burden.

In addition to the above benefits, Delaware’s personal and corporate income tax rates continue to be one of the lowest in the country.

For a discussion on the tax benefits of a Delaware retirement and on the Delaware Coastal real estate market, contact Barbara Morales today, your Delaware beach real estate agents.

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