2. Alabama
“Sweet Home, Alabama!” If you know this song, then you’re probably a fan of football too, and you will definitely love Alabama for sure. Because, without a doubt, Alabama is one of the most affordable states for retirees to live in. And it’s a tax-friendly state too! If you’ve considered the Yellowhammer State, you should know that it has low taxes for retirees. Cool, right?
A lot of people are paying high taxes, and they aren’t satisfied with this. Changing the environment might be a good idea, especially if you don’t want to pay a fortune in taxes. Starting in 2023, a law states that the first $6,000 of retirement income received by people over 65 is exempt.
Another amazing thing about Alabama is that it has the second-lowest median property tax rate in the country! And if you are 65 or older, you won’t pay property taxes anymore.
1 thought on “Curious About Big Taxes? Here’s How 8 States Tax Retirees”
You need to swap out Alabama for Virginia. Virginia taxes literally everything ata a high rate. I pay almost much personal property tax for my 4 year old truck as I do for my house.