PA Tax Savings
Tax-Friendly Living in Pennsylvania
Whether you are enjoying retirement or still on the daily work grind, a move to Pennsylvania can dramatically increase your income. Learn how below.
You are welcome!
HPH & The Links at Gettysburg
Compare PA income tax rates to those of surrounding states. The numbers don't lie.
Income Tax Rates: PA 3.07%, MD 5.00%, NJ 8.97%, DC 8.5%, DE 6.6%
Example: If you live in PA and earn $150,000/year, you pay $4,605 in state income tax. Live in MD and earn $150,000, you pay $7,500 in state income tax.* Income tax is based on the state you live in, not work in so you can live in PA and still work in MD and reap big rewards!
LIVING IN PA SAVES YOU $2,895/YR INCOME TAXES
*Please consult with your tax advisor for exact numbers. Income tax rates were provided by www.tax-rates.org and based on the $150,000 "couple" bracket.
Congratulations! Pennsylvania welcomes you with open arms and fat wallets with tax exempt retirement funds.
Example: PA does not tax retirement income, IRAs, 401(k)s, private pensions, public pensions or inheritance to surviving spouse. Maryland taxes all of the above except social security. On average, MD residents will pay 8% on retirement related incomes versus a PA resident at 0%.**
ON A RETIREMENT INCOME OF $50,000, THAT IS A PROJECTED TAX SAVINGS OF $4,000/YR LIVING IN PA!
**Always consult with your financial advisor as these numbers are estimates.
Property Taxes Explained
The Links at Gettysburg falls into Mt. Joy Township property tax. There are rumors circulating about killer school taxes in PA. Simply put, it isn't true. The total property tax rate including school tax is 1.46% of assessed value.
Example: Using the sales price of your home, although the assessed value is usually less, a $500,000 home at The Links at Gettysburg results in $7,300/year in property taxes. Frederick, MD has property tax rates as high as 1.522%, based on the same price house the property tax rate in Maryland would results in $7,610/year.
LIVING IN PA SAVES YOU $310/YR IN PROPERTY TAXES***
***Depending on location, please consult with your local assessor's office for an accurate comparison.
Tax Rebates for Green Building
In case you didn't know, the federal government would like to thank you for building a Zero Energy Ready Home with a 30% rebate on energy savings costs. That is a minimum of $20,000 on a typical HPH. No catches!
Example: On a $500,000 house HPH average costs on a geothermal and solar expenses will result in a 5695 Energy Tax Credit of $23,000.00 for our homeowners.
Building with HPH results in a $23,000 tax rebate depending on home's size and low to no energy bills!
But in this world nothing can be said to be certain, except death and taxes.