Retire in Gorham

Affordability

Find out how much it costs to live in Gorham.

Cost of Living

Kiplinger Rating:

Not Tax Friendly

State Income Tax:

6.5-7.95%

Social Security Tax?

None

County + State Sales Tax

5.5%

Property Tax Rate *

1.2%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

845

* 2008-2010

Cost of Living Index (100=average):

115.8

Housing + transportation costs as % of income:

52%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

Tax burden: % income going to state and local taxes:

10.2%

Inheritance and estate taxes (per Kiplinger):

Maine has no inheritance tax. In 2013 the estate tax exemption level rose to $2 million and estate tax rates range from 8% to 12%.

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

A veterans' exemption of $6000 is available to those who served during a recognized war period are 62 or older are receiving 100% disability as a veteran or became 100% disabled while serving. Paraplegic veterans who received a federal grant for a specially adapted housing unit may receive a $50000 exemption.\n\nThose age 65 or older who qualify for the Maine Residents Property Tax Fairness Credit can receive a credit of up to $900 $300 more than those younger than 65.\n\nA senior citizen property tax credit for volunteer service is available. A municipality may adopt an ordinance to allow resident homeowners who are at least 60 years old to earn up to $750 in benefits by volunteering to provide services to the municipality. The benefits are not subject to Maine income tax.\n

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Real Estate overview not available for Gorham

To learn more about real estate in Gorham book a visit and we'll help you find the right place to live.

Work Potential

  • Area
  • National Average

5 Largest Companies

  • Federal Government
  • Highmark Inc.
  • State government
  • Holy Spirit Hospital
  • Giant Food Stores LLC

GDP Growth Last 3 Years

6.9%

Income Growth Last 3 Years

7.2%

Employment Growth Last 3 Years

3.2%

Top Industries Hiring

  • Management of companies and enterprises
  • Other services (except public administration)
  • Accommodation and food services
  • Transportation and warehousing
  • Health care and social assistance

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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