Taxes, like real estate, is all about location, location, location.
During tax season, we’re reminded about one of the key benefits of living in Gulf Shores – Alabama is one of the most tax-friendly states in the U.S.!
How far does your dollar go? Here, you may find that it can go further than a perfect spiral or tee shot.
Be close to the beach at a price that won’t drown you
Why call Alabama home? For many, the proximity to beautiful beaches, a warm climate and outdoor amenities play a big role. It also offers tax-friendly living and strong economic sectors in agriculture, aerospace, manufacturing, mining and banking, and top universities.
The median income in Gulf Shores is $47,662, and the median home value is $232,400, which reflects the affordability of the area. Median property rent in Gulf Shores is $897.
Alabama’s property taxes are amongst the lowest in the country with a rate of only .43 percent. A typical homeowner in Alabama pays only $528 annually in property taxes, about one-fourth the national average.
Adding to the tax-friendly nature, Alabama is one of the few states that allow you to deduct your federal income taxes.
Retire in style with peace of mind
Dreams of retirement usually include visions of beaches, fishing, and golf, not worrying about high taxes. Gulf Shores ranks as one of the least expensive places in the U.S. to retire. It boasts beautiful beaches, golf and warm weather without the hefty price tags of other retirement locales.
Alabama encompasses the best aspects of a dream retirement, and homeowners over sixty-five years old do not pay property taxes and Social Security income is not taxed. There is also no estate tax which retirees moving to Alabama from the Northeast corridor to the Gulf Shores will be pleased to learn.
Raise your expectations, not your cost of living
According to the Cost of Living Index, Gulf Shores ranks below the national average for goods and services, groceries, health care, housing and transportation.The cost of living in Alabama is 20.2% lower than in Boca Raton, FL based on a $50,000 salary. It would result in $6,742 net change in disposable income.
Put that extra cash to good use
Based on the $6,742 net change in disposable income, here are some Gulf Shores related ways to spend the extra dough.
3,195 boxes of Crayola crayons. Color your friends in other states green with envy when they learn how much cash you are saving. Crayons are Alabama’s best-selling product on Walmart.com.
192 Nike Men’s 2017 National Champions Locker Room Alabama Crimson Tide T-Shirts. Saturdays wouldn’t be the same without Nick Saban and the Tide. Show your pride for the “Kings of Confetti.”
385 baskets of shrimp at the Flying Harpoon. The Gulf Shores is known for its delicious bounty of fresh seafood. What better place to enjoy the fruits of the sea than one of the area’s top-rated restaurants on Yelp?
192 adult admission tickets to OWA. Get your thrills at the newest Southern amusement and entertainment destination.
Enjoy the benefits of tax-friendly living as a resident of ONE CLUB! Discover your new home today.