Retirement Communities in New York

Are you considering one of the Retirement Communities in New York?

New York State is one of the world's most exciting and diverse retirement destinations. Whether you enjoy the excitement of a big city or the adventures of the great outdoors, there is so much to see and do.



Upstate New York offers retirees easy commutes, a reasonable cost of living and many of the states natural treasures. You can enjoy skiing, hiking, camping or just the fall foliage of the Adirondack, Berkshire and Catskill Mountains. Along the Hudson River are many small towns like Cold Springs with a population of around 2800. The historic Main Streets are lined with antique shops, art galleries and restaurants.

If you're thinking about one of the retirement communities in New York located in the western part of the state, the Finger Lakes region is known for its natural scenic beauty. This area may be the most enticing spot in the state for many retirees. The biggest downfall to this area is by far the brutal winter weather that sweeps across Lake Erie.

If you’re looking for a college town, Ithaca, a city of about 29,000 people located five hours from New York City may be just what you’re looking for. Located on Cayuga Lake, this laid-back and vibrant community is home to both Cornell University and Ithaca College. In spite of its size, Ithaca still has that small town feel and was selected as the number one "emerging city" in the U.S. by Cities Ranked & Rated. Also, ten years ago, Ithaca was named as one of the "ten most enlightened towns in America."

Another up and coming retirement destination is the tiny village of Aurora located on the shores of Cayuga Lake. This small town with its beautiful historic buildings and tree-lined streets is within a half hour drive of Syracuse and all of its amenities.

If you are would like to live in New York City with it’s over 150 museums and 18,000 restaurants but don’t want to pay the high costs, Hudson Heights is one slightly more affordable option. You can get a one-bedroom co-op here for under $400,000. Located in the upper reaches of Manhattan, it’s just a 30 minute subway ride from Times Square and less than 40 minutes from places like the Metropolitan Museum of Art. Another more expensive option is Tudor City. You’ll pay upwards of $500,000 for a one-bedroom apartment but you’ll be just a short walk to Grand Central Terminal and a quick bus ride to the theater district or Lincoln Center, home of New York's major opera companies and the Philharmonic.

Something to keep in mind if you are considering one of the retirement communities in New York is that New York is second only to Connecticut as the highest taxed state in the country so if you are on a budget, you may want to consider one of the other great states as a retirement option.

Median Home Price: $220,981

Personal Income Tax: Yes
For single taxpayers:
-- 4 percent on the first $8,000 of taxable income.
-- 4.5 percent on taxable income between $8,001 and $11,000.
-- 5.25 percent on taxable income between $11,001 and $13,000.
-- 5.9 percent on taxable income between $13,001 and $20,000.
-- 6.85 percent on taxable income of $20,001 and above.

For married persons filing joint returns, the rates remain the same but the income brackets are doubled.

Sales Tax: Yes
New York levies a 4% sales tax and also levies a local tax and the rates vary, meaning the combined sales tax rate could be more than 7 percent in some areas.

Property Tax: Yes
--Real property in New York is taxed based on its value.
--New York State law provides that every property in most municipalities be assessed at a uniform percentage of value. That percentage can be 5 percent, 10 percent, 50 percent or any other percentage not exceeding 100 percent. It does not matter what percentage is used, but that every property is assessed at the same uniform percentage within one assessing unit.
--The School Tax Relief (STAR) program is a partial exemption from school property taxes for owner-occupied primary residences. STAR works by exempting the first $30,000 of the full value of their homes from school taxes. The Enhanced STAR exemption is available for the primary residences of senior citizens (age 65 and older) with yearly household incomes not exceeding the statewide standard.
--New York residents may also be eligible to claim the Real Property Tax Credit for Homeowners and Renters.

Inheritance and Estate Tax:
--No Inheritance Tax.
--New York estate tax liability exceeds the allowable federal credit for state death taxes.

For More Information: Contact the New York Department of Taxation and Finance website

These are important facts to consider before deciding upon any one of the many retirement communities in New York.

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