Virginia taxes most retirement income at rates up to 5.75%. Northern Virginia home equity is at historic highs. Here's the full picture for VA retirees heading to South Hillsborough County.
Virginia sends a steady stream of retirees to Sun City Center, particularly from Northern Virginia (Fairfax, Loudoun, Prince William, Arlington counties) where federal government workers and contractors have accumulated significant home equity and pension income. The financial case is real — Virginia taxes most retirement income and carries meaningful property taxes in the NoVA corridor. Florida eliminates both burdens.
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Talk to a Specialist →Virginia has a graduated income tax with rates from 2% to 5.75%. It offers a modest age deduction — $12,000 for residents 65+ — but taxes IRA distributions, 401(k) withdrawals, and most pension income at full rates. Social Security is fully exempt from Virginia tax.
| Income Source | Virginia Treatment | Florida Treatment |
|---|---|---|
| Social Security | Exempt | No state tax |
| Federal / military pension | Taxed (modest deduction for military) | No state tax |
| Virginia state pension (VRS) | Taxed at graduated rates | No state tax |
| IRA distributions | Taxed at graduated rates | No state tax |
| 401(k) / 403(b) distributions | Taxed at graduated rates | No state tax |
| Investment income | Taxed at graduated rates | No state tax |
| Age 65+ deduction | $12,000/person (phases out above $50K income) | N/A — no state income tax |
Northern Virginia property taxes are significant. Fairfax County's effective rate runs approximately 1.1–1.2%, which sounds modest — but applied to median Fairfax home values of $700,000–$900,000, the annual bills are substantial. Loudoun and Prince William counties have similar rates on rapidly appreciated values.
| Virginia Market | Home Value | Annual Tax (est.) | Hillsborough FL (w/ homestead) |
|---|---|---|---|
| Fairfax County | $750,000 | ~$8,625 (1.15%) | ~$4,475 on $340K FL home |
| Loudoun County | $680,000 | ~$7,956 (1.17%) | ~$4,475 on $340K FL home |
| Arlington County | $820,000 | ~$8,528 (1.04%) | ~$4,475 on $340K FL home |
| Richmond suburbs | $380,000 | ~$3,876 (1.02%) | ~$3,850 on $300K FL home |
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NoVA home equity is at historic levels. Buyers who purchased in Fairfax, Loudoun, or Arlington counties in the 1990s or early 2000s are commonly sitting on $400,000–$800,000+ in equity. This is a powerful position for a cash purchase in Sun City Center.
Virginia is home to massive military installations — Joint Base Myer-Henderson Hall, Quantico, Fort Belvoir, Naval Station Norfolk. Many military retirees settle in Virginia post-service and then eventually relocate further south in retirement.
We work with Virginia buyers — particularly federal retirees and military families — regularly. Let us help you find the right community for your situation.
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