As we approach this year’s tax deadline it’s worth taking a look at which states have the highest and lowest tax rates. The folks over financial site WalletHub.com recently identified the states with the highest and lowest effective tax burdens correlating data across four types of taxation: Real Estate taxes, Vehicle Property Taxes, Income Taxes and Sales & Excise Taxes. Data used to create these rankings were collected from the U.S. Census Bureau, the Tax Foundation, the Federation of Tax Administrators, the American Petroleum Institute, the National Automobile Dealers Association, each state’s Department of Motor Vehicles and WalletHub research.
Their results are certainly eye-opening but should be taken with the appropriate grain of salt. One interesting item that jumped out was that so-called “red states” impose lower taxes than the “blue states.” Likewise, the states with the highest and lowest gas taxes support that finding. Indeed…
Click here to read the full analysis on WalletHub.
See also:
State & Local Tax Burdens by State, Real Estate Investing Today 1/21/16
Update:
For Mortgage Borrowers, a Property-Tax Trap, WSJ 3/30/16
