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“Retiring to the great state of south dakota let s find out how south dakota dakota taxes retirees and a little bird is telling me that south dakota is quite so south dakota is on your mind stay tuned to learn more thanks again for coming to the heritage wealth planning youtube channel. My friends. This is the place you come to learn about retirement planning taxes each and every state. How they tax retirees how to benefit maximize your social security.
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So let s dive right into the great state of south dakota. My friend it s my understanding is it s quite favorable and as we start with kiplinger s we see south dakota s got a dark green which means that it s most tax friendly. It s in the top quintile for tax friendliness..
So let s find out why that s the case on top of one of kiplinger s top ten tax. Most tax friendly states for retirees. The mount rushmore estate offers friendly tax environment for retirees. No state income tax.
So all retirement income is tax free sales tax are relatively low. Although they do cover broad scope of services and the state has several several property tax relief programs. The sales tax is four and a half on the state and the localities can add another four and a half which is pretty high but on average six point three nines as a tax foundation. Which is actually quite low many services are taxed as is food no income tax.
So none of this stuff pension social care is all tax free the median property tax in south dakota is 100 38000 with a median property tax bill of 1800 bucks that s at about 15 roughly or so that s not low that s for sure. But let s see what kind of homestead exemptions. They have a tax freeze or a municipal property tax reduction is available for seniors 65. And older to qualify for the assessment.
You must meet income requirements. And resided in a single family dwelling for at least 25 200 days last year unmarried surviving spouses may qualify for freeze or reduction income is limited to 27000 for individuals and 33000. For multi member households. The value of the home must be less than hundred eighty three thousand bucks.
So a lot going on there has i mean at the end of the day having income presuming is adjusted gross income a thirty three thousand for married filing jointly is not that s not hard to have that income above that for sure. So single homeowner 66 who earned ten thousand or less could get a proper tax refund multi person households headed by someone 66 or older or the combined income is thirteen thousand less are also eligible and it s not gonna work okay here we go property of homestead tax exemption for a homeowner 70 and older delays delays payment of property tax until the property is sold taxes are a lien on the property. Which includes up to one acre must be paid along with a four percent interest rate before the property became can be transferred for single person annual income..
Okay so basically there s just no property tax exemptions so there s just not i mean they have a bunch of stuff here. But the people who are watching this youtube video most like they re not gonna qualify all right so let s uh that s too bad let s see no inheritance tax. They do charge a four percent excise excise tax on a vehicle but it s not an annual maintenance fee they re or an annual fee they don t charge that s good i know inheritance or a state tax. So no income tax is good moderately low sales tax is good the property taxes see a little bit on the.
Height and. Says state local tax. Burden. 71.
So number two in the nation in terms of tax friendliness. That s good tax freedom. Day ranks number three april 8th is the fantast from an income perspective. South.
Dakota is quite friendly for sure a sales tax ranks on the bottom lower than the bottom half as for sure. A six point four all in so they don t have an income tax six point four i rank 31. It s actually quite favorable they tax are pretty good in the middle of on gas and on cigarettes. So you just keep that mine and property taxes are pretty high.
The percentage is in the top 20 in south dakota again not much in terms of property homestead. Exemptions so basically that s what you re paying 121. And the total dollars at your pan in profit tax..
Put south dakota on the lower half. But not by much something because of value of the average property of south dakota. Is is quite lower than the typical state. That s out there so on all relatively favorable in that regard for sure temperatures in a video.
I saw yesterday. They said south dakota. Was the most favorable for retirees and i don t i don t get that that s not horrific six point four. I can well beyond the bottom half.
But that property tax is pretty high and it s nice and i have income taxes. But you can find other states that have even if they have an income tax. We re not paying any income tax with lower sales and or lower property taxes so either south coast favorable don t get me wrong. I m not saying.
It s not just at the end of day. I m not sure why kiplinger s would say it s the best state for retirees. I saw us well. I guess we go to a smart asset calm.
They re saying is the best to just because of no state income tax. So we don t even have to run any numbers here because there is no income tax and so because of that i mean a hundred thousand bucks south. Because you know pay anything so..
If you had a you know house our home and you re paying. What was it s a one point two one on three that s you know thirty six hundred dollars in property taxes. And your sales tax your average person is paying six point four and sales tax. So i guess right there fifteen hundred bucks you re paying three thousand or so in property another fifteen hundred bucks and sales forty five hundred dollars a tax on a hundred thousand dollars income that s pretty favorable not gonna lie i m not gonna lie for sure so there you go is a quick and easy.
One south dakota s the income is a big one they don t have an income tax again sales taxes on the moderately low in property taxes on the moderately high end on all great place to retire. It s just no two ways around that again if you like what you hear here give me a thumbs up. Please my friends don t forget to subscribe down below. Again the notification bell hit.
The notification bell to be notified of future content and as always i do request you comment. I don t have boots on the ground. I do not know explicitly what residents of south dakota or any of the other states are going through other than my own experience in the client side deal with and i don t have any cars right now in south dakota. So if you have experience and you want to share with the the youtube world please put them in the comments be interesting to hear what your take is on the great state of south dakota alright guys and of course as always heritage wealth planning com heritage wealth planning calm you go there for the blog.
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