Have you ever wondered what U.S. State may be better to live in with relation to taxes and tax burden? While we cannot escape taxes, we can make decisions which will minimize our overall State tax burden, depending on each of our own financial situations and objectives. We’re talking about property tax, income tax, and sales tax.
For example, let’s say you are finished with the ‘rat-race’, and are ready to plan a move out of your area or State in search of a more peaceful and possibly more self-sufficient lifestyle. Among the many things that you will consider in your selection process, picking a tax friendly area (or better said – a less ‘bad’ tax area), should be a high priority item on your check list.
As the current economic debt burden of cities, states, and the federal government rapidly approach the ‘knee’ of the compound curve, more people are realizing the death-spiral that we are in as a country, and many are preparing for the inevitable crash (or currency re-set). More are agreeing that Inflation will become a bigger problem while at the same time the economy will remain generally stagnant. There is little doubt that taxes, including State taxes will be on the increase as the dollar continues to devalue.
If looking to retire, or to leave behind the risks that often accompany a leveraged – higher income lifestyle, or looking to protect yourself from the consequences of a large scale economic turn for the worse, your new lifestyle will likely be one with a lesser income than before – meaning that the State income tax of a given location may be less important to you than say, property tax. In a worst case scenario, high inflation could potentially rapidly balloon your property tax to an unmanageable level, so choose your location carefully.
Here are a few State tax statistics which may be interesting to you, gathered from RetirementLiving.com, Wikipedia, Census.gov/govs/statetax, State Government Tax Collections 2009, and the TaxFoundation.org.
State Sales Tax
All states except five, collect sales tax. Except for large or frequent purchases, state sales tax will probably be of lesser impact as compared to property taxes and income taxes.
States with the Highest Sales Tax
California (8.25%)
Indiana (7%)
Mississippi (7%)
New Jersey (7%)
Rhode Island (7%)
Tennessee (7%)
Minnesota (6.875%)
Nevada (6.85%)
Arizona (6.6%)
Washington (6.5%)
Texas (6.25%)
Massachusetts (6.25%)
Illinois (6.25%)
States with the Lowest Sales Tax
Alaska (0)
Delaware (0)
Montana (0)
New Hampshire (0)
Oregon (0)
Colorado (2.9%)
Alabama (4%)
Georgia (4%)
Hawaii (4%)
Louisiana (4%)
New York (4%)
South Dakota (4%)
Virginia (4%)
Wyoming (4%)
State Personal Income Tax
A total of 41 states impose income taxes. Some States base the taxes on federal returns, typically taking a portion of what you pay the IRS, while it varies depending on income level.
States with No Income Tax
Alaska
Florida
Nevada
South Dakota
Texas
Washington
Wyoming
New Hampshire (only to income from interest and dividends)
Tennessee (only to income from interest and dividends)
State Income Tax based on $60,000
Unless you earn very little, or earn substantially more, these state income tax rates probably fit more of the average folks, and will give you an idea of where the states rank in 2010. Rates are rounded up to the nearest 0.1 decimal, and do not include any special deductions or exemptions that may exist.
State (income tax %)
Alaska (0)
Florida (0)
Nevada (0)
*New Hampshire (0)
South Dakota (0)
*Tennessee (0)
Texas (0)
Washington (0)
Wyoming (0 )
Illinois (3%)
Pennsylvania (3%)
Indiana (3.4)
North Dakota (3.8)
Michigan (4.4)
Arizona (4.5)
Colorado (4.6)
Ohio (4.7)
New Mexico (4.9)
Alabama (5)
Connecticut (5)
Maryland (5)
Mississippi (5)
Utah (5)
Massachusetts (5.3)
Oklahoma (5.5)
Virginia (5.75)
Georgia (6)
Louisiana (6 )
Missouri (6)
New Jersey (6.4)
Kansas (6.5)
West Virginia (6.5 )
Wisconsin (6.8)
Nebraska (6.8)
Maine (6.9)
Montana (6.9)
Delaware (7)
Arkansas (7 )
North Carolina (7)
South Carolina (7)
Rhode Island (7.8)
Idaho (7.8)
Minnesota ( 7.9)
New York (7.9)
Hawaii (8.3)
Vermont (8.3)
D.C. ( 8.5)
Iowa (9)
California (9.6)
Oregon(10.8)
State Property Tax
Taxes on land and the buildings on it are the biggest source of revenue for local governments. They are not imposed by states but by the tens of thousands of cities, townships, counties, school districts and other assessing jurisdictions.
You can’t escape property taxes in any state. But you can find significantly low rates in certain parts of the country.
Having sorted through a list of property taxes per home, listed by county (792 counties) in dollar amounts, and averaging the property taxes per state, the following list of home property taxes by State should give you a general indication of costs. For finer detail, each individual county would need to be checked.
Data from 2009
Home Property Tax average per State
State ($ avg. per home)
Louisiana ($404)
Alabama ($410)
West Virginia ($615)
Arkansas ($684)
South Carolina ($693)
Mississippi ($787)
New Mexico ($862)
Delaware ($950)
Oklahoma ($968)
Arizona ($986)
Tennessee ($1,041)
Hawaii ($1,047)
Kentucky ($1,059)
Wyoming ($1,084)
Indiana ($1,104)
North Carolina ($1,172)
Idaho ($1,213)
Utah ($1,305)
Georgia ($1,377)
Missouri ($1,443)
Colorado ($1,538)
Florida ($1,619)
Montana ($1,764)
Ohio ($1,834)
Nevada ($1,879)
Iowa ($1,934)
Kansas ($1,957)
Maine ($1,976)
Oregon ($2,045)
D.C. ( $2,057)
Michigan ($2,069)
South Dakota ($2,076)
Pennsylvania ($2,092)
Washington ($2,127)
Texas ($2,141)
Virginia ($2,230)
Minnesota ($2,340)
California ($2,631)
Maryland ($2,637)
North Dakota ($2,638)
Alaska ($2,796)
Nebraska ($2,829)
Wisconsin ($3,041)
Massachusetts ($3,255)
Illinois ($3,272)
Rhode Island ($3,731)
New York ($3,736)
Vermont ($4,168)
Connecticut ($4,437)
New Hampshire ($4,618)
New Jersey ($6,348)
There are many things that go into one’s formula to decide the best place to retire, or the best place to move to, because we each have our own individual notions of what that is, and what our lifestyle will be like afterward.
However, near the top of the list should be property taxes, income tax, and sales tax. Just as important, do not forget to research the fiscal situation of the state, city, or town that you are contemplating moving to. There are many of these that are themselves on the verge of bankruptcy. They will be the first to raise your taxes.
If you enjoyed this, or topics of preparedness, geophysical / current events risks, consider our survival blog RSS feed, new posts by E-mail, or bookmark us at Modern Survival Blog
Modern Survival Blog related posts
Could You Escape from LA?
Bug Out of Toronto
Keep Gas Can Storage For Disaster
The Big Move to a Survival Retreat Location
Survival Retreat Safe Distance From City
Posted on Thu, 17 Feb 2011 02:15:39 +0000 at http://feedproxy.google.com/~r/ModernSurvivalBlog/~3/kjWgWGHocZ4/
Comments: http://modernsurvivalblog.com/retreat-living/lowest-to-highest-taxes-by-state/#comments
For example, let’s say you are finished with the ‘rat-race’, and are ready to plan a move out of your area or State in search of a more peaceful and possibly more self-sufficient lifestyle. Among the many things that you will consider in your selection process, picking a tax friendly area (or better said – a less ‘bad’ tax area), should be a high priority item on your check list.
As the current economic debt burden of cities, states, and the federal government rapidly approach the ‘knee’ of the compound curve, more people are realizing the death-spiral that we are in as a country, and many are preparing for the inevitable crash (or currency re-set). More are agreeing that Inflation will become a bigger problem while at the same time the economy will remain generally stagnant. There is little doubt that taxes, including State taxes will be on the increase as the dollar continues to devalue.
If looking to retire, or to leave behind the risks that often accompany a leveraged – higher income lifestyle, or looking to protect yourself from the consequences of a large scale economic turn for the worse, your new lifestyle will likely be one with a lesser income than before – meaning that the State income tax of a given location may be less important to you than say, property tax. In a worst case scenario, high inflation could potentially rapidly balloon your property tax to an unmanageable level, so choose your location carefully.
Here are a few State tax statistics which may be interesting to you, gathered from RetirementLiving.com, Wikipedia, Census.gov/govs/statetax, State Government Tax Collections 2009, and the TaxFoundation.org.
State Sales Tax
All states except five, collect sales tax. Except for large or frequent purchases, state sales tax will probably be of lesser impact as compared to property taxes and income taxes.
States with the Highest Sales Tax
California (8.25%)
Indiana (7%)
Mississippi (7%)
New Jersey (7%)
Rhode Island (7%)
Tennessee (7%)
Minnesota (6.875%)
Nevada (6.85%)
Arizona (6.6%)
Washington (6.5%)
Texas (6.25%)
Massachusetts (6.25%)
Illinois (6.25%)
States with the Lowest Sales Tax
Alaska (0)
Delaware (0)
Montana (0)
New Hampshire (0)
Oregon (0)
Colorado (2.9%)
Alabama (4%)
Georgia (4%)
Hawaii (4%)
Louisiana (4%)
New York (4%)
South Dakota (4%)
Virginia (4%)
Wyoming (4%)
State Personal Income Tax
A total of 41 states impose income taxes. Some States base the taxes on federal returns, typically taking a portion of what you pay the IRS, while it varies depending on income level.
States with No Income Tax
Alaska
Florida
Nevada
South Dakota
Texas
Washington
Wyoming
New Hampshire (only to income from interest and dividends)
Tennessee (only to income from interest and dividends)
State Income Tax based on $60,000
Unless you earn very little, or earn substantially more, these state income tax rates probably fit more of the average folks, and will give you an idea of where the states rank in 2010. Rates are rounded up to the nearest 0.1 decimal, and do not include any special deductions or exemptions that may exist.
State (income tax %)
Alaska (0)
Florida (0)
Nevada (0)
*New Hampshire (0)
South Dakota (0)
*Tennessee (0)
Texas (0)
Washington (0)
Wyoming (0 )
Illinois (3%)
Pennsylvania (3%)
Indiana (3.4)
North Dakota (3.8)
Michigan (4.4)
Arizona (4.5)
Colorado (4.6)
Ohio (4.7)
New Mexico (4.9)
Alabama (5)
Connecticut (5)
Maryland (5)
Mississippi (5)
Utah (5)
Massachusetts (5.3)
Oklahoma (5.5)
Virginia (5.75)
Georgia (6)
Louisiana (6 )
Missouri (6)
New Jersey (6.4)
Kansas (6.5)
West Virginia (6.5 )
Wisconsin (6.8)
Nebraska (6.8)
Maine (6.9)
Montana (6.9)
Delaware (7)
Arkansas (7 )
North Carolina (7)
South Carolina (7)
Rhode Island (7.8)
Idaho (7.8)
Minnesota ( 7.9)
New York (7.9)
Hawaii (8.3)
Vermont (8.3)
D.C. ( 8.5)
Iowa (9)
California (9.6)
Oregon(10.8)
State Property Tax
Taxes on land and the buildings on it are the biggest source of revenue for local governments. They are not imposed by states but by the tens of thousands of cities, townships, counties, school districts and other assessing jurisdictions.
You can’t escape property taxes in any state. But you can find significantly low rates in certain parts of the country.
Having sorted through a list of property taxes per home, listed by county (792 counties) in dollar amounts, and averaging the property taxes per state, the following list of home property taxes by State should give you a general indication of costs. For finer detail, each individual county would need to be checked.
Data from 2009
Home Property Tax average per State
State ($ avg. per home)
Louisiana ($404)
Alabama ($410)
West Virginia ($615)
Arkansas ($684)
South Carolina ($693)
Mississippi ($787)
New Mexico ($862)
Delaware ($950)
Oklahoma ($968)
Arizona ($986)
Tennessee ($1,041)
Hawaii ($1,047)
Kentucky ($1,059)
Wyoming ($1,084)
Indiana ($1,104)
North Carolina ($1,172)
Idaho ($1,213)
Utah ($1,305)
Georgia ($1,377)
Missouri ($1,443)
Colorado ($1,538)
Florida ($1,619)
Montana ($1,764)
Ohio ($1,834)
Nevada ($1,879)
Iowa ($1,934)
Kansas ($1,957)
Maine ($1,976)
Oregon ($2,045)
D.C. ( $2,057)
Michigan ($2,069)
South Dakota ($2,076)
Pennsylvania ($2,092)
Washington ($2,127)
Texas ($2,141)
Virginia ($2,230)
Minnesota ($2,340)
California ($2,631)
Maryland ($2,637)
North Dakota ($2,638)
Alaska ($2,796)
Nebraska ($2,829)
Wisconsin ($3,041)
Massachusetts ($3,255)
Illinois ($3,272)
Rhode Island ($3,731)
New York ($3,736)
Vermont ($4,168)
Connecticut ($4,437)
New Hampshire ($4,618)
New Jersey ($6,348)
There are many things that go into one’s formula to decide the best place to retire, or the best place to move to, because we each have our own individual notions of what that is, and what our lifestyle will be like afterward.
However, near the top of the list should be property taxes, income tax, and sales tax. Just as important, do not forget to research the fiscal situation of the state, city, or town that you are contemplating moving to. There are many of these that are themselves on the verge of bankruptcy. They will be the first to raise your taxes.
If you enjoyed this, or topics of preparedness, geophysical / current events risks, consider our survival blog RSS feed, new posts by E-mail, or bookmark us at Modern Survival Blog
Modern Survival Blog related posts
Could You Escape from LA?
Bug Out of Toronto
Keep Gas Can Storage For Disaster
The Big Move to a Survival Retreat Location
Survival Retreat Safe Distance From City
Posted on Thu, 17 Feb 2011 02:15:39 +0000 at http://feedproxy.google.com/~r/ModernSurvivalBlog/~3/kjWgWGHocZ4/
Comments: http://modernsurvivalblog.com/retreat-living/lowest-to-highest-taxes-by-state/#comments