Taxes — Two PIA Western Alliance States Among the Most Taxed

We all hate taxes. Some individuals hate them more than others. It all depends on where you live. When it comes to taxes, individuals in the PIA Western Alliance state of Hawaii are the most taxed in the nation. Residents in the PIA Western Alliance state of California are the nation’s fourth most.

In September last year, the Intercontinental Exchange did a study and found, on average, 32% of the average single-family mortgage goes to insurance and taxes. That’s the highest it has been in a decade.

Realtor.com said that study is pretty close to reality and 9% of single-family homeowners pay over half of the amount of their mortgage to taxes and insurance.      

WalletHub — likely driven by tax season woes — took a look at which states have the highest individual tax burdens. It looked at income taxes, property taxes, and sales and excise taxes.

Here’s the top 5 states:

1. Hawaii

Tax total: 13.92%

Property tax: 2.57%

Individual taxes: 4.18%

Sales & excise taxes: 7.17%

2. New York

Tax total: 13.56%

Property tax: 4.28%

Individual taxes: 5.76%

Sales & excise taxes: 3.52%

3. Vermont

Tax total: 11.53%

Property tax: 5%

Individual taxes: 3.08%

Sales & excise taxes: 3.45%

4. California

Tax total: 11%

Property tax: 2.78%

Individual taxes: 4.87%

Sales & excise taxes: 3.35%

5. Maine

Tax total: 10.64%

Property tax: 4.14%

Individual taxes: 3.02%

Sales & excise taxes: 3.48%

The bottom five pay considerably less with the PIA Western Alliance state of Alaska having the lowest percentage of taxes paid per year in the country:

• Alaska — 4.93%
• Wyoming — 5.79%
• New Hampshire — 5.94%
• Tennessee — 6.38%
• South Dakota — 6.46%

Source link: PropertyCasualty360.com — https://bit.ly/42moytA