The state of Maine is well-known for its scenic beauty, lobster, and outdoor sports. But it’s also infamous for having high taxes. Maine is the seventh-highest taxed state in the US, according to WalletHub. Maine does, however, have some communities with cheaper property taxes than others.
Monmouth is one of the towns in Maine with the lowest real estate taxes. The town charges $10.96 in property taxes for every $1,000 of assessed value. Accordingly, if your house has a $200,000 assessment, your annual property tax payment would be $2,192. Durham, Bowdoinham, and Bowdoin are some further towns with low property taxes.
Maine is still regarded as a fantastic state to retire in, despite the fact that property taxes are a major issue for many seniors. Maine is ranked sixth in the nation for retirement, per a Bankrate analysis. The state offers access to high-quality healthcare, lovely scenery, and a low crime rate.
Social Security benefits could be a sizable source of income for retirees. The age at which social security is no longer taxable is a common question, nevertheless. It all depends on your salary, is the answer. Your social security benefits are not taxed if you are single and make less than $25,000. The filing barrier for married couples filing jointly is $32,000.
How much a retiree can make in 2020 before paying taxes is another concern. It depends on your age and filing status, is the answer. You are not required to pay taxes on income up to $12,400 if you are under 65 and single. It is $24,800 if you are married and filing jointly. The criteria are a little higher if you are above 65.
In conclusion, Monmouth has some of the lowest property taxes among the communities in Maine. Despite having some of the highest taxes in the country, Maine is still a fantastic place to retire because of its stunning landscape, low crime rate, and availability of top-notch healthcare. Social Security benefits are also available to retirees, and anyone with questions regarding the applicable tax thresholds should speak with a tax expert.