I read the following article this last week. I thought it was interesting and I thought that you might be interested in the results for California which I’ll reproduce below:
- California:
- Hard hit by the new tax bill, this state made the list this year for several reasons. The average property tax bill in California is high at $2,839 a year.
- California has the dubious distinction of having the highest marginal tax rate in the nation (13.3%). Couples with income over $59,978 will pay 6%.
- Pension income is taxable.
- Expensive: California is ranked No. 49 of 51 states and the District of Columbia for cost of living
On the plus side: California has no tax on Social Security income or estate tax. If you can afford to live here, California has a wonderful climate. It is ranked the 14th best-run state. Proposition 13 sets appraised value of your home at what you paid for it, plus 2% maximum annual increases, limiting property tax hikes. Thanks to Propositions 60 and 90, taxpayers over 55 can transfer some of that benefit to a new home.
If you would like to read the entire article here is the link:
https://www.thestreet.com/slideshow/14494646/1/the-worst-states-for-retirement.html
If you have any questions please feel to contact me.
