According to a recent WalletHub survey, Florida boasts some of the lowest tax rates in the United States, particularly in terms of state and local taxes. The state ranks No. 8 in effective total state and local tax rates, with a rate of 8.67 percent for the median U.S. household. Adjusted for the cost of living index, Florida climbs to No. 6 on the list.
Florida also ranks among the lowest in terms of income tax and vehicle property tax, tying for the lowest rates in the country. However, the state falls short when it comes to real estate property tax, ranking at No. 24. The survey also highlights that while taxes are inevitable, they can vary significantly by state. For example, Alaska has the lowest tax rates at 6.77 percent, while Illinois ranks at the bottom with a rate of 16.58 percent.
With tax season looming, WalletHub’s findings provide some relief for Florida residents, showcasing a more favorable tax environment compared to other states. Despite some shortcomings in real estate property tax, Florida’s overall tax rates are relatively low, making it a more appealing destination for taxpayers. The survey underscores the importance of considering various tax rates and costs of living when evaluating the overall tax burden in different states.
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