Sunday, July 3, 2011

Mississippi makes Kiplinger's "10 most tax-friendly states for retirees"

Kiplinger has a report on how tax-friendly states are (see here) for retirees.  Mississippi makes its list as on of the 10 most tax-friendly for retirees.  The report states that:

Mississippi offers a sweet income-tax deal for retirees. It not only exempts Social Security benefits from state income taxes, but it also excludes all qualified retirement income from state income taxes. Remaining income is taxed at a maximum 5%. Mississippi is home to some of the cheapest property taxes in the nation. Residential property is taxed at 10% of its assessed value, and seniors qualify for a homestead exemption on the first $75,000 of value.

No comments:

Post a Comment