Florida is among states with lowest tax rates in US
Thursday Mar 16th, 2017Share
With April 18th a month away, now’s as good a time as any to start thinking about filing your taxes if you haven't already. You're not alone if you haven't gotten around to it yet — Americans are filing taxes slower this year, according to the IRS.
The average U.S. household pays more than $5,700 in federal taxes, according to the Bureau of Labor Statistics, but state tax burdens vary greatly. Taxpayers in states that are the most tax-expensive pay three times more in taxes than those that live in the cheapest tax states.
Florida, which has no state income tax, has one of the most effective – or lowest – tax rates in the country, according to WalletHub. Click through the attached slideshow to see the Top 20 states with the lowest tax rates in the country, according to WalletHub.
To figure out which states had the highest and lowest tax rates, WalletHub analyzed four types of taxation in each state and D.C. Data was compiled for real estate taxes, vehicle property taxes, income tax and sales and excise tax.
In the study, Florida also ranks 25th for real estate taxes, 28th for vehicle taxes and 8th for sales and excise taxes.