Find out how much it costs to live in Austin.
The day Texas is rated anything less than "Friendly" by Kiplinger's will certainly be an interesting one. It is no surprise it continues to be an attractive destination for retirees with no social security tax, no income tax, and no pension tax. Austin is also one of few cities to boast 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:
If you are age 65 or older, or disabled, you qualify for the homestead exemption as soon as you turn 65; you need not own your home on January 1, but the home must be your principal residence. For homeowners who are 65 and older or who are disabled, $10,000 (in addition to the regular $15,000 homestead exemption) of the property's assessed value is exempt from school taxes. Other taxing units may offer an exemption of at least $3,000 to homeowners who are age 65 or older or who are disabled (at the taxing unit’s discretion or as a result of a voter petition). Once a homeowner turns 65 or is disabled, the owner benefits from a tax ceiling for that home for school taxes. If the homeowner improves the home (other than normal repairs or maintenance), the tax ceiling is adjusted for the new additions. School-district taxes are frozen at the level imposed on the residence the year the owner turned 65 or became disabled. Counties, cities, towns and junior-college districts can establish a tax freeze on homesteads of people who are 65 or older or who are disabled. A homeowner who is 65 or older or disabled may qualify to defer their property taxes until he or she no longer owns or occupies the home as a residence. Property taxes continue to accrue during the deferral period and are assessed interest at the rate of 8% a year. Once the deferral ends, the taxes and accrued interest must be paid.
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 economy largely buoyed by the technology industry, it'll be no surprise to learn that Austin's economy has been roaring in recent years, with nearly 12% employment growth and an impressive 26% income growth in the last 3 years. Given it is the state capital, there are plenty of jobs with the City of Austin or the Federal Government, along with large technology companies such as Dell and IBM.
GDP Growth Last 3 Years
Income Growth Last 3 Years
Employment Growth Last 3 Years