Retire in Fredericksburg

Affordability

Find out how much it costs to live in Fredericksburg.

Cost of Living

Kiplinger Rating:

Tax Friendly

State Income Tax:

None

Social Security Tax?

None

County + State Sales Tax

8.3%

Property Tax Rate *

1.1%

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

898

* 2008-2010

Cost of Living Index (100=average):

95.1

Housing + transportation costs as % of income:

48%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

None

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

7.6%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

None

Property Tax Break for Seniors (per Kiplinger):

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).\n\nOnce 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.\n\nA 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/

Real Estate

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Real Estate overview not available for Fredericksburg

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Work Potential

  • Area
  • National Average

5 Largest Companies

  • U.S. Department of Defense
  • Stafford County Schools
  • Geico, Government Insurance
  • Spotsylvania County School Board
  • Mary Washington Hospital

GDP Growth Last 3 Years

0%

Income Growth Last 3 Years

18%

Employment Growth Last 3 Years

5.4%

Top Industries Hiring

  • Construction
  • Retail trade
  • Mining, quarrying, and oil and gas extraction
  • Professional, scientific, and technical services
  • Information

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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