Find out how much it costs to live in Sarasota.
Trying to keep your retirement income in your pocket instead of Uncle Sam’s? If that’s your goal, Florida could not be better. Rated by Kiplinger’s as one of the most Tax Friendly states in the country, Florida has no income tax, no social security tax, and no taxes on any other retirement income. With a Cost of Living Index just slightly above the US average, Sarasota itself is a very affordable location.
Kiplinger Rating:
Most Tax Friendly
State Income Tax:
None
Social Security Tax?
None
County + State Sales Tax
7%
Property Tax Rate *
0.9%
Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *
1324
* 2008-2010
Cost of Living Index (100=average):
103.6
Housing + transportation costs as % of income:
52%
State Sales Tax Breaks for Seniors:
None
Pensions Taxed?
None
Tax burden: % income going to state and local taxes:
9.2%
None
None
Florida residents ages 65 and older who meet certain income limits can receive an extra homestead exemption of up to $50,000 from some city and county governments and/or an exemption equal to the assessed value of the property, as long as the real estate has a fair market value of less than $250,000, the homeowner has maintained permanent residence at the location for at least 25 years, and household income does not exceed $27,994 during 2014.
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.
Not quite ready to hang up the ties for good, but also trying to avoid working full time? Sarasota offers a large percent of part-time jobs (over 65% of all work) and boasts an incredibly low unemployment rate of 0.6% for retirees. The retail sector is hiring at a rapid pace, but if that's not your cup of tea, there's plenty of hiring in manufacturing-just look at the area's biggest employer, PGT Industries.
GDP Growth Last 3 Years
11.6%
Income Growth Last 3 Years
13.7%
Employment Growth Last 3 Years
8.8%
