Top seven states with the lowest taxes for retirees

Which states have the lowest taxes for retirees?

5. Texas

Jim Cowsert/AP/File
TCU's baseball team take batting practice before a game against Texas A&M in Fort Worth, Texas, Sunday, June 7, 2015.

Good ole' Texas, the Lone Star State — and my hometown state. Texas is a great place to live for a number of reasons. But the number one is that there's no tax on personal income. The sales and use tax is a bit on the high-end at roughly 8.25 percent. Property taxes vary by county and range from $0.24 to $0.50 per $100 valuation with median home prices at $160,000 in Dallas and $158,000 in Houston. Persons 65 and older qualify for a $10,000 homestead exemption for school taxes, in addition to a $15,000 exemption for all homeowners.

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