Website names Birch Bay the most tax-friendly city in the state for retirees

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Filed on 19. Apr, 2017 in Business Briefs, Contents

Birch Bay is the most tax-friendly city in the state for retirees. That’s according to SmartAsset, a financial technology company. The study examined how tax policies in each city impact a retiree with a $50,000 income. The hypothetical retiree gets $15,000 from social security, $10,000 from a private pension, $15,000 from retirement savings and $10,000 in wages.

The study calculated how much that person would pay in income taxes in each city, considering deductions and exemptions.

The study also factored in the effective property tax rate, by dividing median property tax paid by median home value for each city. It also factored in sales tax, fuel taxes and an overall index weighted to best capture the taxes that most affect retirees.

Birch Bay came out No.1, and Sudden Valley was ranked No. 6.

For more on the study and to see the full rankings, visit https://smartasset.com/retirement/washington-retirement-taxes?year=2017#washington

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IFRoZSBKb3VybmFsPC9saT48L3VsPg==