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Florida is known as a top retirement destination in the U.S. But where, within the state, is the best place to retire if taxes are on the mind?
New York City-based personal finance technology company SmartAsset recently released its sixth annual study about the most tax-friendly cities for retirees. To rank cities within different states, SmartAsset’s study evaluated property tax, income tax, fuel tax, sales tax and Social Security tax information. It combines those factors to develop a “Retirement Tax Friendliness Index” score.
Several locales in the region made the the top 10 in Florida. At the top of the list is Pelican Bay, a luxury community in Collier County, which received a Retirement Tax Friendliness Index score of 83.62. Three other Collier communities made the top 10: Naples Manor ranked No. 7, earning a score of 81.3; Naples ranked No. 9 with a score of 80.56; and Immokalee, in eastern Collier County, ranked No. 10, with an 80.34 score.
Two other places in the region made the top 10, both in Sarasota County, where Warm Mineral Springs, in North Port, is No. 3 and Siesta Key is No. 8.
All in all, SmartAsset labels the Sunshine State as “very tax-friendly toward retirees.” No state income tax is a big plus along with property and sales tax rates close to national averages, the report states. Although the weather, golfing and beaches are major draws for retirees, they’re not the only perks. SmartAsset says, “The state’s tax system is an equally large factor.”
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