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When looking for an affordable place to retire, find out how property is taxed. Learn what type of property is taxed, what the tax rates are, and what the exemptions are. For instance, Florida has no income tax, but in addition to a high sales tax there is an intangible personal property tax that taxes a person's investment portfolio. So it might not be the cheapest place to retire. Watch out for local income taxes. States can levy income taxes either at the state, county, or city level.