Retire in Annapolis

Affordability

Find out how much it costs to live in Annapolis.

Cost of Living

Kiplinger Rating:

Mixed Tax

State Income Tax:

2%-5.75%

Social Security Tax?

None

County + State Sales Tax

6%

Property Tax Rate *

0.7%

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

1897

* 2008-2010

Cost of Living Index (100=average):

111.4

Housing + transportation costs as % of income:

49%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

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

10.9%

Inheritance and estate taxes (per Kiplinger):

Maryland collects an inheritance tax. Property passing to a spouse, child or other lineal descendant, spouse of a child or other lineal descendant, parent, grandparent or sibling is exempt from taxation. Property passing to other individuals is subject to a 10% tax.\n\nMaryland estate tax is imposed on estates exceeding $1.5 million, which will be increased to $2 million in 2016, $3 million in 2017, and $4 million in 2018. In 2019 and beyond, Maryland will adopt the Federal threshold. The maximum tax rate is 16%.\n

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

A property tax deferral program allows property owners 65 or older to defer the increase in their property tax bill. Local governments must approve the program. The deferred taxes become a lien on the property and must be repaid when the property is transferred.\n\nA Renters' Tax Credit program provides up to $750 a year for those age 60 and older or 100% disabled.

 

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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Work Potential

  • Area
  • National Average

5 Largest Companies

  • Anne Arundel Medical Center
  • United States Naval Academy
  • Arinc
  • The Home Depot
  • Verizon Maryland

GDP Growth Last 3 Years

10.2%

Income Growth Last 3 Years

7.1%

Employment Growth Last 3 Years

8.3%

Top Industries Hiring

  • Administrative and support and waste management and remediation services
  • Wholesale trade
  • Health care and social assistance
  • Arts, entertainment, and recreation
  • Construction

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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