If you are looking to relocate and can’t decide where, look no further than Bay Forest in coastal Delaware! It is no secret that Delaware has some of the best tax benefits in the country, but it is actually #2 on the list of Best States to be a Taxpayer (published by WalletHub). Keep reading to see why Delaware is the ideal location to buy and own a new home!
WalletHub’s analysts used a detailed methodology to determine which states are the most tax friendly for residents. The methodology was based on 4 types of taxation including real estate tax, vehicle property tax, income tax, and sales and excise tax. After all of these factors were calculated for each state, Delaware ended up in the #2 spot on the list for the best states to be a taxpayer.
There are a few simple reasons why Delaware is so taxpayer friendly; a factor many look at when deciding where to live. In DE, a large portion of the taxes are put on corporations rather than individual homes and people. This allows for the state to have some of the lowest rates in the country, specifically, 44% below the national average tax burden. Additionally, the real estate taxes in this state are among the lowest in the country.
In the article, experts weigh in on whether or not taxes will make or break a homebuyers decision on where to live. The conclusion: Property tax is not usually a deciding factor, especially with a major move, but when considering sales tax and local income tax, both can make a large impact on the overall cost of living. In fact, it is mentioned in the report that when the overall cost of living is factored in with all of the taxation methods, Delaware jumps to the #1 spot for the best state to be a taxpayer.
At Bay Forest in Bethany Beach, Delaware, we have many options for brand new beach homes including single-family homes and villas. Just 3 miles to the beach, our masterfully planned community contains a wealth of first class amenities and community spirit. Visit the NVHomes sales office today to discover the many benefits of living in Delaware, and why Bay Forest is such an amazing community!