Best Places to Retire with Low Taxes. Brunswick Plantation and Golf Resort

BP map close upBrunswick Plantation & Golf Resort is a great place to live and retire for many reasons.  We have an active gated community with many amenities including a championship golf course, Energy Star homes for sales, golf and water front home sites…..but we also offer a great value.  Part of that value is the low taxes.  Learn more about taxes in Brunswick County, North Carolina below.

North Carolina remains a top pic locale for retirees.  And for good reasons.  Social Security benefits are not taxed as income by the state. Also, public pensions and qualified private pensions qualify for tax breaks.  Real estate property assessments are made at 100% of appraised value.  However, those homeowners age 65 and above may qualify for a a homestead exemption of 50% of the permanent residence’s appraised value or up to $25,000, whichever is greater.

Low TaxSTATE SALES TAX
Currently at 4.75%.  Although, medical equipment and prescription drugs are exempt. Also, counties may tax food 2% and can add an additional 2 to 3%.  The total sales tax for our Brunswick County is 6.75%.

INCOME-TAX RANGE
Starting at the low of 6% up to $12,750 of taxable income for single filers and $21,250 for married couples filing if they file jointly.
Topping out at a high of 7.75% on taxable income over $60,000 for single filers, and over $100,000 for married couples filing if the file jointly.

SOCIAL SECURITY
Benefits are not taxed.  Hurray!

OTHER RETIREMENT INCOME EXEMPTIONS  
North Carolina provides a tax break of at least $4,000 in exclusions for pensions from local, state, and federal  governments.  This is dependent on the length of your service and the dates you worked. It also provides a tax break of up to $2,000 for qualified private pensions, including IRAs. Luckily, out-of-state government pensions also are allowed the $4,000 exemption.

Property-TaxPROPERTY TAXES
Property is assessed based on the total appraised value.  Brunswick County taxes for 2012 were about 45 cents per $100 dollars…or $450 per $100,000 in value.  Cities and counties collect this tax.

Senior Tax Breaks: North Carolina has a property-tax deferment program. Within this program,  yearly taxes are limited to a percentage of the qualifying owner’s income. The qualifying owner must be 65 years old or more or be completely and permanently disabled.  The state’s Circuit Breaker Tax Deferment Program limits property taxes to 4% of an owner’s income for those 65 years and above who earn less than $27,100 a year.  Property taxes are limited to 5% of their income for those earning between $27,100 and $40,650 respectively.

EstateTaxINHERITANCE AND ESTATE TAXES
North Carolina has no inheritance tax at this time. However, there is an estate tax for estates of more than $5.12 million, and the maximum rate is 16%.

Of course tax laws are subject to change but North Carolina has long been a low tax location especially compared to our neighbors in the Northeast.  Interested in relocating?  Contact us to Discover Brunswick Now.  Have questions or comments?  Let us know by posting to comments.

 

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