Find out how much it costs to live in Raleigh.
North Carolina is appropriately rated as "Mixed" by Kiplinger's for tax attractiveness for retirees. While it features no social security or estate taxes, it does have a moderate income tax and tax pensions. Raleigh fortunately makes the situation more attractive-it features a low cost of living.
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:
To qualify for the Elderly or Disabled Exclusion, a homeowner must be at least 65 years old or totally and permanently disabled, with income of no more than $28,600 for 2014. The program excludes the first $25,000 or 50% of the home’s appraised value plus the value of up to 1.0 acre of land, whichever is greater, from taxation. The state’s Circuit Breaker Tax Deferment Program limits property taxes to 4% of an owner’s income for those 65 years and older who make less than $28,600 a year for 2014. For those making between $28,600 and $42,900 for 2014, property taxes are limited to 5% of their income.
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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With an employment growth rate roughly double the national average and a ~17% income growth rate the last 3 years, it's no surprise Raleigh's population has been growing. Most jobs are appearing in the science and technology sector, with the renown Research Triangle Park boasting large employers such as IBM.
GDP Growth Last 3 Years
Income Growth Last 3 Years
Employment Growth Last 3 Years