Find out how much it costs to live in Prescott.
Low income tax? Check. No social security tax? Check. Below average cost of living? Check. Prescott may be your perfect location if you want your retirement income to go a long ways.
State Income Tax:
Social Security Tax?
County + State Sales Tax
Property Tax Rate *
Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *
Cost of Living Index (100=average):
Housing + transportation costs as % of income:
State Sales Tax Breaks for Seniors:
Tax burden: % income going to state and local taxes:
Single homeowners and renters 65 and older who earn $3,750 or less and married couples who earn $5,500 or less are eligible for a property tax credit. Homeowners who are at least 70 years old, have either resided in their primary residence for at least six years or have lived in the state for at least ten years, and do not receive more than $10,000 of taxable income per year can defer their property taxes. Homeowners who are at least 65 years old, have resided in their primary residence for at least two years and fall below certain income limits (for 2014, one owner of a property must have total income of $34,608 or less, and multiple owners of a property must have income of $43,260 or less) can apply to the assessor by September 1 to have the valuation of their property frozen for three years. The freeze can be renewed every third year.
For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/
eRetirements has partnered with a network of over 12,500 top performing Realtors covering 91% of the United States. These Realtors will show you around town, assist you in viewing properties, and provide you with local info that would be nearly impossible to discover on your own.
Trying to stay busy to bring in some extra cash, keep the mind sharp, and prevent your spouse from going crazy? Almost 80% of Prescott's jobs for those 65+ are part time. Many of new jobs are becoming available within hotel and food services, the area's fastest growing industry.
GDP Growth Last 3 Years
Income Growth Last 3 Years
Employment Growth Last 3 Years