We know that we have low taxes in Florida, but how low? Here's where we rank for 2017:
Bottom Line: WalletHub's latest research on total tax burden by state is out and it shows that unsurprisingly - our total tax burden is one of the lowest nationally. But we're not the lowest (not that it's overly surprising to those of us who're among the most heavily taxed in Palm Beach County). Here's where we rank by tax category:
- 14th highest – Total Sales & Excise Tax Burden (4.03%)
- 27th highest – Property Tax Burden (2.76%)
- 45th highest – Overall Tax Burden (6.79%)
So while it doesn't get any better on the income tax front - we do have well above average sales tax rates in our state - though that's the only category that's above the national average. Property tax rates are slightly below average (though in Palm Beach County specifically we're we're well above the national average).
It's instructive that every top ten state for overall tax burden is a "blue" state:
1 NewYork
2 Hawaii
3 Vermont
4 Maine
5 Minnesota
6 Connecticut
7 New Jersey
8 Rhode Island
9 Illinois
10 California
Meanwhile nine out of the ten lowest states are generally "red" states:
41 Montana
42 Wyoming
43 Alabama
44 South Dakota
45 Florida
46 New Hampshire
47 Oklahoma
48 Tennessee
49 Alaska
50 Delaware
So I'll say again to our New York transplants. You came here in part to getaway from the taxes in New York. Please don't vote the same type of politicians into office that saddled your previous home with the highest burden in the country.
For the full report, please visit:https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/