Retirement Communities in Washington
If you enjoy adventure, one of the retirement communities in Washington State may be the perfect retirement spot for you.
The climate is very diverse consisting of rain forests in the west, mountains in the center, northeast and far southeast, and the eastern region is semi-dessert which has given over to intensive agriculture.Nearly 60% of the entire population of Washington’s residents lives in the Seattle metropolitan area, as a result, if you are looking for Washington senior housing, this is a great place to start. Home to an internationally renowned art community, Seattle is the northernmost major city on the west coast and the largest city in the state. Also known as “The Emerald City” because of its lush evergreen forests, Seattle is the major economic, cultural and educational center in the region. Spokane is located approximately 270 miles east of Seattle, 100 miles south of the Canadian border and 20 miles west of the Washington-Idaho border. With a population of just over 200,000 people, Spokane is the second largest city in the state and is considered to be one of the most productive mining districts in North America.
The port city of Tacoma is located on Washington’s Puget Sound, 32 miles southwest of Seattle, 30 miles northeast of Olympia and 58 miles northwest of Mount Rainier National Park. The population is estimated to be 197,181 making it the third largest city in the state. The Tacoma-Pierce County has recently been named one of the most livable areas in the country by Mostlivable.org.
One of the most attractive aspects to one of the retirement communities in Washington is that it is one of the few states that have no income tax. Unfortunately, it also has the second highest cost for housing in the nation. If you are considering retiring in Washington but the cost of living concerns you, you may want to check out the eastern part of the state which is much more affordable and the weather is much milder. Is Washington on your list of "Best Places To Retire"? If it is, just remember that if you are considering one of the retirement communities in Washington or any other place, make sure to visit the area at least twice, once in the summertime and then again in the wintertime to make sure that it is the right community for you. Always wanted to live on an island? Retire to San Juan Island, Washington and live the dream!
Things to consider if you think you might be interested in one of the retirement communities in Washington State:
Average Home Listing Price: $410,132
Personal Income Tax: No
The state does assess a corporate tax called the Business and Occupation Tax but there is no personal income tax.
Sales Tax: Yes
--Washington levies a 6.5% statewide sales tax. As of January 1, 2009, sales tax is not applied on most food items and prescription medications (not including over-the-counter medications).
--Individual counties, municipalities and regional transit authorities are entitled to collect a sales tax, which vary from 0.5% to 2.5%.
--Within King County, the King County Food & Beverage (KCF&B) tax adds an additional .5% to food and beverages purchased in bars, taverns and restaurants resulting in an effective tax rate of 10.0% (9.5% on all other items)
Property Tax: Yes
--Properties are appraised at 100% of fair market value.
--A property tax exemption program is available for persons age 61 or older, or persons unable to work due to a physical disability. The property, which can include up to an acre of land, must be owner/buyer occupied.
--The state's tax deferral program works in conjunction with the exemption program. A senior citizen or disabled person may defer property taxes or special assessments on their residence if they meet certain age, disability, ownership, occupancy and income requirements. The state pays the taxes on behalf of the claimant and files a lien on the property to indicate the state has an interest in the property. The deferred taxes must be repaid to the state plus 5% interest when the owner dies, sells or moves from the home, or doesn't have sufficient equity in the property. Qualified people may participate in both or one of these programs
Inheritance and Estate Tax:
Washington replaced the inheritance tax with an estate tax in 1982.
-- If the estate plus taxable gifts is valued at $2,000,000 or more, the estate is required to file a Washington State estate tax return.
For More Information if you are considering one of the retirement communities in Washington: Contact the Washington Department of Revenue website.
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