Retire In Arkansas
Can't decide where to retire? Once you learn about all of the benefits, you may want to retire in Arkansas.
One of the best kept secrets, when it comes to places to retire, is Arkansas retirement communities. With a median home price of $79,006, Arkansas boasts the nations lowest home prices. Here youll find diverse landscapes and a four-season climate with a high quality of life, reasonable cost of living, low taxes, and affordable health care and world-class medical facilities. With its laid back atmosphere and abundance of activities, is it any wonder why so many people are choosing to retire in Arkansas.
The number one retirement spot in Arkansas is Belle Vista, 10 minutes north of Bentonville in Northwest Arkansas. Nestled among the trees and bluffs of the Ozark Mountains, Belle Vista is home to about 24,000 people, with an average age of 61. This planned retirement community has home prices that are higher than most places in Arkansas but still lower than most of the US. The winters here are mild and the cost of living is reasonable. There is a property owners' fee that helps to pay for all the golf courses and other facilities and gives the residents low-cost and nearly exclusive access (guests are welcome but pay quite a bit more) to what Bella Vista has to offer.
One of the top places for those who want to retire in Arkansas is Hot Springs. Located near the center of the state, this historic town with a population of around 40,000 is best known for the natural spring water that gives it its name, flowing out of the ground at a temperature of 147 degrees F. Hot Springs has 28 mobile home and/or manufactured home communities. But, the most well known retirement community is Hot Springs Village. This 26,000 acre gated golf resort and retirement community is home to 15,000 residents, 9 (18-hole) golf courses as well as 11 recreational lakes for fishing, swimming and boating, 16 tennis courts, a fitness center, a 650-seat performing arts center and over 20 miles of wooded nature trails. Its easy to see why so many retirees are finding Hot Springs to be the perfect place to retire.
If you would like to continue your education, one of the many retirement communities in Fayetteville, Home to the University of Arkansas, may be just what youre looking for. The expanding university makes room for seniors with free tuition for classes.
If you enjoy the arts, The North Arkansas Symphony and the Walton Arts Center feature Broadway shows and full season concerts. But Fayetteville hasnt yet lost its small town charm. The biggest downfall is that it has a booming population and with it comes congested highways.
These are only a few of the many retirement communities that you might want to think about if you want to retire in Arknsas. Others you may want to consider are Mena, Pinebluff, Texarcana, Eufala Springs, Hardy and Fort Smith which are also becoming popular retirement destinations.
Just remember if you would like to retire in Arkansas, visit the area you are considering at least twice, one in the summer and once again in the winter before you make your final decision about whether or not to retire in Arkansas.
Things to consider if you think you might want to retire in Arkansas:
Median Home Price: $79,006
Personal Income Tax: Yes
Arkansas collects income taxes from its residents at the following rates:
-- 1 percent on the first $3,599 of taxable income
-- 2.5%on taxable income between $3,600 and $7,199
-- 3.5% on taxable income between $7,200 and $10,799
-- 4.5% on taxable income between $10,800 and $17,999
-- 6% on taxable income between $18,000 and $30,099
-- 7% on all taxable income more than $30,100.
There is also a 3% individual income tax surcharge on all Arkansas taxpayers, including those living or working in Texarkana. Previously these residents paid no Arkansas tax by claiming the state's Border City Exemption.
Sales Tax: Yes
--Arkansas levies a 6% sales tax. Food, however, is taxed at 3%.
--Various services are also subject to sales tax collection. These include wrecker and towing services; dry cleaning and laundry; body piercing, tattooing and electrolysis; pest control; security and alarm monitoring; self-storage facilities; boat storage and docking; and pet grooming and kennel services.
--In addition to the state sales tax, there are more than 300 local taxes in Arkansas. Cities and counties have the authority to enact additional local sales and use taxes if they are passed by the voters in their area.
Property Tax: Yes
--Counties, cities and school districts, collect taxes on real property (such as a house or land) and personal property (automobiles, pickup trucks, recreational vehicles, boats and motors, motorcycles and all-terrain vehicles). Assessment is based on 20 percent of the true market value for real property and on the usual selling price for personal property.
--Arkansas homeowners may receive up to a $300 property tax credit on their homesteads. This credit is confined to a homeowner's principle residence. Nursing home or retirement center residents who own a home are also eligible for the credit, as are people who have deeded their homes to others while retaining a right to live in it until they die (a life estate).
--In some cases, disabled veterans can be exempt from all state taxes on real and personal property. This tax exemption is also available to widow or widowers who do not remarry, as well as to dependent minor children of military personnel who were killed in action, died of service-related disabilities or who are missing in action.
Inheritance and Estate Tax:
No Inheritance Tax and Estate taxes are based on the federal estate tax law.
For More Information: Contact the Arkansas Department of Finance and Administration website.
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