Hillsboro is one of the tax friendliest places to retire in Ohio, according to a ranking by a New York-based financial technology firm.
SmartAsset has listed Hillsboro as number eight among all municipalities in Ohio when taking into account property, income, fuel, sales and Social Security tax data, according to the report.
The top 10 places considered tax friendly for retirees in Ohio were Lancaster, Oxford, Ironton, Belpre, Delphos, Alliance, Willard, Hillsboro, Grafton and East Liverpool.
“Ohio offers retirees a cost of living that is 7% below the national average, as well as a variety of charming small towns to go along with several major cities and attractions,” the analysis stated.
Ohio is moderately tax-friendly for retirees, according to the analysis. “Just how friendly (or unfriendly) depends on where you receive the bulk of your income and how you spend it. Seniors who rely mostly or fully on Social Security retirement benefits should do rather well under Ohio’s retirement tax system, as Social Security is exempt from state income taxes. Retirees who rely mostly on other sources, such as a 401(k) or a pension, will likely face a larger tax bill,” the report said.
“Likewise, retirees who spend more of their money on non-tangible services (movie tickets for example) as well as necessities such as food and medicine should have a smaller total sales tax bill, as those items are all exempt,” the study said.
Mayor Drew Hastings seemed only mildly impressed with Hillsboro’s ranking on the SmartAsset list when informed of it Wednesday.
“Finally the efforts of my first four years have paid off,” Hastings quipped. “Something that I’ve worked long and hard for is to create this rural Appalachian tax haven for retirees.”