Retirement in Maine... (real estate, homes, property tax)

[Submariner]

Originally Posted by bangorme

... It is possible to live in Maine and avoid paying high taxes. But, you must have very little income and ....

Did you notice the title of this thread? "Retirement in Maine"

Rather assumes that you are on pension or SS, perhaps not making your peak income anymore.

[bangorme]

Originally Posted by Submariner

Did you notice the title of this thread? "Retirement in Maine"

Rather assumes that you are on pension or SS, perhaps not making your peak income anymore.

And your point? I'm retired, on a pension, and not making my peak income. I'm also paying lots of taxes. I think this was the concern about which the OP wanted information.

[Submariner]

Originally Posted by bangorme

And your point? I'm retired, on a pension, and not making my peak income. I'm also paying lots of taxes. I think this was the concern about which the OP wanted information.

Most retirees that I know, are not as wealthy as you are. Which is largely why many of them migrate to Maine.

[bangorme]

Originally Posted by Submariner

Most retirees that I know, are not as wealthy as you are. Which is largely why many of them migrate to Maine.

Thank you for the complement, but (like many assumptions made here) you are incorrect. I'm not wealthy at all, but middle class. Most of the retirees I know are middle class, including several of my relatives that retired from the military.

But, now that we have that over with, I don't remember the OP as mentioning poverty as being his reason for considering Maine as a place to retire, and I'm glad. Maine is NOT the place to retire if you are not fiscally self-sufficient. Winters are cold and long. Heating your house is a necessity, and winters are just plain expensive to deal with (clothing, snow removal, winter driving, home maintenance, etc). We have some people here that manage to beat those expenses by kinda "living off the land" and living very frugally. You can heat you house with wood (especially if you cut it yourself on your own land). You can grow much of your own food, can it, and live very reasonably. My sister did it for years. But, the OP didn't give those hobbies as things he/she is interested in pursuing.

I think it's very important to give posters here SPECIFIC tactics that a person is using before making generalized comments indicating that they are living in Maine on X number of dollars a year. Otherwise, it's unfair to lead people to believe they can sell their house in California, move over here, and live on $10,000 a year. It takes a special person to do that, and a lot of effort.

[mainegrl2011]

I think this income thing is relative. If you think you have to own a $500,000 (just an example) house, they you must have enough money to pay for it. A person may be content with a cabin on a lake or not for less. A person whose income is $20,000 a year would no doubt think $40,000 a year is a lot of money (again, just an example). In deciding on a house and life style, food, clothing, housing, heat, snow plowing, water, transportation etc. must be considered along with how much you can afford.

[slyfox2]

Originally Posted by Submariner

Most retirees that I know, are not as wealthy as you are. Which is largely why many of them migrate to Maine.

ROTFLMFAO!!!!

Clearly you need to move to place where you can pal around with the rich and famous, and not be rich and famous yourself. Many rich and famous people like to collect normal people as friends so that they can feel normal again.

I can recommend a good realtor on MDI and you can join organizations where many of the people are rich and famous, even if you are not. Now whether you can get Martha Stewart to talk to you(I know people who can though), I don't know, but there are people like her that live here and will socialize with you, even though you are just a normal person on a pension or so.

You can imply you are rich and famous. No one asks.

[Submariner]

Originally Posted by slyfox2

... I can recommend a good realtor on MDI and you can join organizations where many of the people are rich and famous

You are just so nice, making such a kind offer. Bless your little heart. Coming from you this offer really means a lot to me, thank you.

My dance card is pretty full right now. As it stands I get more invites to attend events then I care to go to; a few nights ago was a fantastic dinner and show at Anah Shrine, last weekend there was a dinner and show at the Grange, this weekend is loaded too.

We did not move to Maine for the purpose of keeping up the appearances of affluence. So far we are doing well here. There are so many friendly people, with the low cost homes, the lifestyle is fantastic here in Maine.

I am doing fine on my pension. A bit more than most retirees we know, but it seems that some retirees are a lot wealthier than I am.

Like they say:
"... I've got friends in low places,
Where the whiskey drowns,
And the beer chases my blues away,
And I'll be okay,
I'm not big on social graces,
Think I'll slip on down to the oasis,
Oh, I've got friends in low places"

[Rhapsodie2014]

Hum...you guys seems to be arguing a bit.....You need money wherever you go////That is a given, just some places more than others. I think that in Maine (not being cheap....and I would not want it to be), your dollar would go farther than say.....NY, CA or MA....three states I have lived in. BUT, then there is heating in the winter......MA & NY also but not CA.......where your electric bill is constantly high due to running AC all the time (I do because I am always hot here)))))

I was just wondering about any tax breaks once a person hits say 65 or even 55.....such as on property??
COL always must be balanced out......CA is quite expensive.....crappy homes for > 400K etc......which is why I want to sell a very ordinary tract house here and purchase much nicer home in ME.....a New England Colonial.....with hopefully not too many problems.........
It is also about the lifestyle in Maine that I seek..............

I do wonder about people who say live in NH.....where property taxes are so high, once retired afford it even when their homes are completely paid for. I heard stories years ago about people building cabins/homes in NH and leaving them unfinished....to avoid paying maximum property tax???

Thank you all for the input.

[Submariner]

I have heard there is a 65+ tax break for property taxes in Maine. I was forced onto pension a bit younger, so I do not know how that program works, yet.

In post #10, you gave the example of: "New York (which taxes everything), is notorious for say a home in upstate that ya paid 200K for but the taxes are $7000.00/yr"

In my township a 3bdrm home, less then 10 years old, on 40+ acres, could run you about $692/year.

[bangorme]

Originally Posted by Rhapsodie2014

I do wonder about people who say live in NH.....where property taxes are so high, once retired afford it even when their homes are completely paid for. I heard stories years ago about people building cabins/homes in NH and leaving them unfinished....to avoid paying maximum property tax???

Thank you all for the input.

The only two tax breaks that occur at 65, that I know of, are the property tax credit goes up to a maximum of $900 (means tested), and the extra exemption on your income taxes.