Find out how much it costs to live in Ocean City.
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:
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
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/
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