In the Appalachian area of the country is the state of West Virginia. It is renowned for its picturesque landscapes, outdoor recreation opportunities, and affordable cost of living. West Virginia doesn’t fare as well when it comes to taxes, though.
West Virginia is ranked 35th nationwide for overall tax climate in the Tax Foundation’s 2021 State Business Tax Climate Index. Depending on income, the state levies an individual income tax at a rate ranging from 3% to 6.5%. Local sales taxes may be included in addition to the 6% state sales tax. West Virginia has some of the lowest property taxes in the nation, which are levied by county.
West Virginia does provide certain retirement benefits, despite having high taxes. The state exempts various forms of retirement income from taxation by $8,000 in addition to not taxing Social Security benefits. In addition, seniors 65 and older who make $25,000 or less annually are qualified for a homestead exemption from property taxes.
The answer to the question of when one stops paying property taxes in West Virginia is that there is no set age. The homestead exemption, which cuts property taxes, is available to seniors who fulfill specific income standards, as was already established.
Do you think West Virginia is a decent place to retire? Depending on your search criteria. Many retirees find the state’s low cost of living, scenic beauty, and outdoor recreation opportunities to be attractive. The state’s poor tax reputation, though, can be a turnoff for some.
And finally, why is West Virginia listed first on cans? This alludes to the coal mining sector of the state. West Virginia is one of the states that produces the most coal in the US, and coal has long played a significant role in the state’s economy. The slogan “West Virginia on top” was used in coal company advertising and gradually spread throughout the state. Today, you can see it on a lot of clothing, including t-shirts and bumper stickers.
Gatorade and other food and beverage items are not included in the article headed “West Virginia’s Tax Ranking and Retirement Benefits” as being taxable. However, generally speaking, the state’s tax laws and regulations determine whether or not a food or beverage item is taxable.