STATE and LOCAL TAXES ARE A HUGE PERCENTAGE OF OUR INCOME - WHAT WILL THE FUTURE BRING?
Here's another great and timely post by Lenn Harley. How does YOUR state rank?
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.
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