What does Maine charge for personal income and sales tax questions come up frequently.
Calls, emails and in person visits in our Maine real estate office prick the subject of “what is the individual tax burden of living in Maine”?
It’s a pretty big retirement, relocation, moving consideration to get the low down, A-Z on how deep in the pocket the tax considerations are going to dig. Because as a person retires on a fixed income, knowing all the colored items, the size of each on their personal money outlay pie chart is critical.
So here goes. Maine has a 5% sales tax. And 31.5 cent per gallon tax on gasoline, two dollar tax on cigarettes. The personal income tax rate in Maine is between 2.5 and 8 percent. Maine, any state has to have revenue to keep the doors of government open to do everything from repair roads, bridges, to providing public safety. And everything in between.
Maine is a large state with less people.
And individual families that live here embrace a simple all around approach to day to day living. Conservative, frugal, value received before hard earned dollars are spent thinking happens through out life in Maine. Do I need it or just want it talks with the guy or gal in the mirror mornings. And if it is needed, how to get the best deal with a business like approach of careful study before forking over the stack of green dead presidents.
The same “easy does it” when opening the wallet wide and “ahhhhh, yes or no” sputtered, uttered.
Taught to the kids which makes them an asset when they leave the nest and go out in to the work world. The same hard work ethic and careful spending impulse control a lesson the rest of the country could take a page from and apply.
And besides tax burden living in Maine, questions on health care facilities for ailments the retiring, relocating are bringing with them to Vacationland. You move to Maine not to make more money, but to get more from the funds you do have. To enjoy the natural, healthier quality of life here.
More Maine individual tax revenue services information. What forms, regulations currently apply. To help with lingering questions as you may be toying with a new state to relocate, retire to like Maine. Come for a day, stay a lifetime. Find your place in the space of Maine.
I’m Maine REALTOR Andrew Mooers, ME Broker
207.532.6573
info@mooersrealty