STATE and LOCAL TAXES ARE A HUGE PERCENTAGE OF OUR INCOME - WHAT WILL THE FUTURE BRING?

Nannette Saunders offers an interesting post today comparing real estate tax rates for counties in her market area of Lynchburg, Virginia.   

TAXES ARE ON THE WAY UP.  If we can believe the prognostigators in the media, our taxes are likely to increase dramatically in the near future across the board.  Below is a table showing state and local tax revenue as a percentage of income.

The information below represents the latest aggregated information I could find and was compiled in 2006.  It will be very interesting to review the same information in a couple of years.   

Of course, state and local taxes are a percentage of your gross annual income.  The table below does not include federal income taxes. 

STATE	State and Local Taxes as a
	Percentage of Annual Income
Alabama	9.60%
Alaska	15.10%
Arizona	11.00%
Arkansas	11.70%
California	12.10%
Colorado	9.80%
Connecticut	11.90%
Delaware	11.60%
Florida	10.80%
Georgia	10.90%
Hawaii	14.00%
Idaho	11.20%
Illinois	11.20%
Indiana	11.90%
Iowa	11.00%
Kansas	11.70%
Kentucky	11.50%
Louisiana	14.00%
Maine	14.30%
Maryland	11.10%
Massachusetts	10.90%
Michigan	10.90%
Minnesota	11.80%
Mississippi	11.10%
Montana	11.10%
Nebraska	11.90%
Nevada	10.80%
New Hampshire	9.20%
New Jersey	12.50%
New Mexico	12.90%
New York	15.70%
North Carolina	11.30%
North Dakota	11.70%
Ohio	11.80%
Oklahoma	10.60%
Oregon	10.80%
Pennsylvania	11.40%
Rhode Island	12.20%
South Carolina	10.30%
South Dakota	9.10%
Tennessee	9.30%
Texas	10.00%
Utah	11.80%
Vermont	13.50%
Virginia	10.50%
Washington	11.20%
Washington D.C.	14.40%
West Virginia	12.30%
Wisconsin	12.30%
Wyoming	16.60%

  

Lenn's home in Loudoun County, Virginia - Real Estate Tax - $4,854.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.