By Woodrow Wilcox
Retiring is an important decision. When and where one should retire are two key questions that one magazine tries to help answer. The magazine is “Where To Retire”. Information about the magazine and its other services and publications can be found at www.wheretoretire.com. For one free copy of the magazine, go to the website and make your request.
One of the more important features of “Where To Retire” is their information about the combination of property and other taxes on retirees. Many retirees want to live where there is a better weather climate. But, some forget to check the tax climate.
I learned about the magazine through some of the senior citizens with whom I associate. The firm where I work has over 7,000 senior citizen clients. At any given time, a number of them are considering a move. Since the Lake County tax crisis began, many of our clients have moved to more senior citizen and tax friendly states like Florida, South Carolina, Tennessee, Alabama, Arkansas, Mississippi, Texas, and Nevada.
Just moving south of U.S. 30 in Lake County can do a lot to reduce a person’s property tax bill. The southern portions of Lake County are experiencing a building boom while communities in North Township and Calumet Township are being hit with property tax rates and tax bills that are among the highest in the entire U.S.A.
When senior citizens leave the area or the state, the senior citizens take their checking accounts, their savings accounts, their future social security and retirement earnings, and their personal property. That means that there will be less money in the economy of the area that the senior citizens leave and more money and opportunity in the areas to which the senior citizens move.
How local politicians tax citizens can make the difference between a community or a state being listed as a “Tax Heaven” or a “Tax Hell”.
© 2005 Woodrow Wilcox