 |
| GEOGRAPHY |
| Within
a days drive for 60% of the nation's population, West Virginia is
the choice retirement destination for those who wish to maintain an
active retirement lifestyle. |
| West
Virginia lies in the Appalachian Highlands of the eastern United States,
an area of forested mountains and narrow valleys divided into two
regions known as the Allegheny Plateau and the Valley Ridge. |
| CLIMATE |
| West
Virginia's distinct but basically mild four season climate is attractive
to retirees currently residing in the harsher climates of the northeast,
Midwest, and southern United States - particularly those who enjoy
the outdoors and related activities. |
| QUALITY
OF LIFE & COST OF LIVING |
| A recent
analysis indicated that the cost of living in West Virginia was 23.0%
less than that of the Northeastern United States. Another study has
more recently been done comparing various salient factors regarding
17 of the state's cities and towns to United States averages. When
the comparison to national data is made, it can be shown that West
Virginia does indeed offer a lower cost of living and a higher quality
of life alternative to retirees who desire to relocate. |
| Cost
of Living is an index that compares costs between areas. It weights
and combines the six measurements of housing, food and groceries,
transportation, utilities, health care, and miscellaneous expenses
such as clothing, services, and entertainment. State and local taxes
are not included in any category. The average cost of living in the
United States is represented as a value of 100. A value of 95 would
mean that it costs 5% less than the national average to live a particular
geographic area, and a value of 110 would mean that it's 10% more
expensive. The overall Cost of Living Index (COLI) for the 17 West
Virginia cities rated is 97.0. |
| TAX
INFORMATION |
| PERSONAL
INCOME TAX |
| This
is a graduated tax, with these graduations beginning at $10,000 and
continuing through $60,000. Only that portion of Social Security benefits
that is included in Federal adjusted gross income is subject to state
income tax. |
| MILITARY
RETIREMENT EXEMPTION |
| The
first thirty thousand dollars in benefits derived from military retirement
is exempted from West Virginia personal income tax obligations. |
| PROPERTY
TAX |
| Property
taxes are levied on both real and personal property in West Virginia.
In general, real property is land and anything permanently attached
to land, and personal property is all other objects or rights that
can be owned. The West Virginia Department of Tax and Revenue supervises
the collection of these taxes which is done by local county officials.
The primary beneficiaries of the Property Tax are county boards of
education. Property is assessed according to its use, location and
value as of July 1 of each year. Each county and municipality can
impose its own rates of property taxation within the limits set by
the West Virginia Constitution. The West Virginia Legislature sets
the rate of tax of county boards of education. All county boards of
education Statewide use this rate. |
| HOMESTEAD
EXEMPTION |
| This exemption is for residents sixty-five
and older who own and occupy their home exclusively for residential
purposes. The homeowner who has legally resided in West Virginia for
two consecutive taxable years prior to filing a claim qualifies for
an exemption from ad valorem property taxes on the first $20,000 of
the assessed value of the homestead. |
