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Why Live in Delaware?

Posted by 1 year ago. (Back to all articles...)

Why Live In Delaware?                                               


There are many great reasons to call Southern Delaware home. Here are a few of my favorites.

Significant Tax Advantages

  • NO State sales tax.
  • NO State tax on Social Security or Railroad Retirement income benefits.
  • NO personal property taxes.
  • One of the lowest property tax burdens in the nation!  Sussex County's proposed Fiscal Year 2016 budget marks the 26th year in a row the County's property tax rate has remained at 44.5 cents per $100 of assessed value.  The average Sussex County property tax bill for a single-family home remains around $100 annually, not including independent school district taxes.  (Sussex County Government News Release, May 12, 2015)
  • Kiplinger's PERSONAL FINANCE Magazine ranked DE as #1 for “10 Most Tax-Friendly States” (September 2014) and #7 for “10 Most Tax-Friendly States for Retirees” (September 2014).
  • Each qualified homeowner 65 and older (one per household) receives a Senior School Property Tax Credit up to $500 on their primary residence.
  • Pension Exclusions:  For each person 60 and over, up to $12,500 (if under 60 up to $2,000) of pension and eligible retirement income are exempt from Delaware income tax.
  • $110 in tax credits multiplied by the number of persons age 60 and over, plus the number of personal exemptions claimed on your Federal return.
  • Persons 65 and over OR blind, and electing to use the Delaware standard deduction, receive an additional standard deduction of $2,500 for each criteria checked (maximum $5,000 per individual).
  • Persons 60 and over OR Disabled, and earned income is less than $2,500 ($5,000 if married) may be eligible for up to $2,000 ($4,000 if married) in exclusions from gross income.
  • 2015 DE estate tax first $5.43 million is exempt, max rate is 16%. Assets left to surviving spouse are exempt.
  • First Time Homebuyer Tax Credit:  Effective July 9, 2013, individuals buying their first home in DE may be eligible for a federal income tax credit of up to $2,000 a year for as long as the homebuyer occupies the home and has a mortgage.  (Details contact DE State Housing Authority, 888.363.8808)
  • America's Most Wealth-Friendly States:  DE ranks as one of the wealth friendliest States, including Best States for Trusts. Major reasons: no tax on assets held in a trust, allows dynasty trusts permitting assets to pass to future generations and avoid estate taxes, seeks to protect trust assets from lawsuits and creditors.  SOURCE:  Bloomberg Wealth Manager Magazine (June 2015) , Thetrustadvisor.com (April 2015)
  • Corporate Capital of the World:  Since early 1900s, DE's pro-corporate laws and courts have made it a corporate haven. Today over one million US and overseas business entities have made DE their legal home. This includes nearly half of all US public corporations, over 65% of Fortune 500 companies.

Health Care

  • United Health Foundation's “America's Health Rankings [by State] 2015 Senior Report” ranked Delaware 18th overall for senior health and ranked #24 for dedicated healthcare providers with 94.5% of seniors having a personal doctor or healthcare provider.
  • Prestigious Beebe Healthcare:  Main campus located in Lewes, with 7 outpatient facilities-labs. Highly recognized health care facility, including numerous HealthGrades® awards for up to 9 years in a row for its Orthopedics and other health care programs.
  •  Christiana Care Health System:  Headquartered in Wilmington, recognized for excellence on regional, national level, ranked 22nd in nation for hospital admissions. A major teaching hospital with 2 campuses, nearly 300 Medical-Dental residents, and over 10,500 employees. Home to DE only Level I trauma center.
  • Close to Nationally Recognized Hospitals:  From Rehoboth Beach under 3 hours to:  National Institutes of Health, Bethesda, 130 miles; The Johns Hopkins Hospital, Baltimore, 115 miles; and Jefferson University Hospital, Philadelphia, 122 miles.

Great Location and Stunning Natural Resources

  • Location-Location-Location:  Delaware is within 4-hours drive of one-third of U.S. population. From Rehoboth Beach to:  Philadelphia 119 miles; Baltimore 120 miles; Washington, DC, 122 miles; Trenton 150  miles; New York City 208 miles; Richmond 224 miles.
  • Incredible beaches, parks, biking-hiking trails, scenic-challenging golf, and some of the finest restaurants anywhere.  American Academy for Park and Recreation Administration announced DE won the 2016 National Gold Medal Award for Excellence in state parks category. Cape Henlopen State Park ranked 4th in USA Today poll of most popular state parks (June 2014).
  • The Natural Resources Defense Council's “Testing the Waters 2014 – A Guide to Water Quality at Vacation Beaches”, June 2014, Delaware ranked 1st in beach water quality out of 30 states and awarded “Superstar Beach” status to Dewey Beach. Delaware has 26 miles of Atlantic Ocean coastline, 25 miles of Delaware Bay coastline, and 115 miles of inland bay coastline.
  • Best Boardwalk:  CNN Budget Travel (August 2013) named Rehoboth America's (8th) Most Awesome Boardwalks; National Geographic's Travel (April 2013) designated Rehoboth boardwalk 6th best in Nation.
  • Best Beach Town for Families:  Parents Magazine (June 2013), and Family Vacation Critic Magazine (March 2013) named Rehoboth Beach as one of America's “10 Best Beach Towns for Families”.
  • CNN “22 can't miss beaches” (August 2013) states Lewes Breakwater Light as a spectacular, unusual beach.

Top Retirement Location

  • In addition to the tax benefits, DE is consistently named as a top retirement location for a variety of reasons:
  • Kiplinger rated Delaware #1 for Best states for retirement 2015 (June 2015).
  • TopRetirements.com, February 2015:  ranked Lewes 44th and Rehoboth Beach 59th, in the “100 Best Places To Retire for 2015”; and Delaware as one of the top five states with the lowest tax burdens.
  • Lewes a recommended pick by greatretirementspots.com  (January, 2012).
  • Where to Retire Magazine selected Southern Delaware as a top retirement destination. (October 2012)
  • Wide variety of community activities, shopping, and fitness geared toward retirees and active adults.

And More...

  • University of Delaware:  Money Magazine's “2015-2016 Best Colleges-Value for Your Tuition” UDel ranked 65th out of 736 schools; U.S. News and World Report “2015 Best Colleges” ranked UDel 76th for National Universities and 30th Top Public Schools; Kiplinger's “100 Best Values in Public Colleges, 2015” ranked UDel 41st; and Princeton Review's  includes UDel for 2015 as “Best 379 Colleges” and “Best Northeastern”.
  • High Per Capita Income:  Bureau of Economic Analysis, March 2015, ranked Delaware 22rd in highest per capita income at $45,942, with estimated population 936,000.
  • AAA Rating:  2000 thru 2015 Delaware state bonds have earned triple-A ratings, the highest-quality rating awarded by major bond rating agencies - Moody's Investors Service, Standard and Poor's, Fitch Ratings.
  • Bicycle Friendly:  The League of American Bicyclists' 2015 Bicycle Friendly States ranked DE 3rd friendliest.
  • America's Current Favorite Farmer's Markets ™:  American Farmland Trust ranked Historic Lewes and Rehoboth Beach Farmers Markets among the top 20 farmers markets nationwide. (September 2012)
  • Homes' affordability is one reason Delaware is ranked #5 in 2010 for homeownership rate - 74.7% of residents own their own homes.   (Source: U.S. Census Bureau, 2010 Census)
  • Fastest Growing States:  U.S. Census Bureau, 2010 Census, ranked Delaware the 10th fastest growing State, with 14.6% increase in population, comparing 2010 Census to 2000 Census % increases in population data.

 

PLEASE NOTE:  All information presented is subject to change without notification. Also, you need to consult with a lawyer or tax advisor regarding your eligibility for any Delaware tax or other benefits.

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