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Jason Taub - Realtor

How ‘Tax Friendly’ Is Florida Compared to Other States?

A MoneyGeek study including IRS, state, property and sales taxes listed Fla. as the No. 4 least-expensive tax state. Total tax costs are about 5.6% of total income.

TAMPA, Fla. – It’s tax filing season and depending on where you live in the U.S., you could be forking over a very different-sized chunk of your income.

An analysis by MoneyGeek ranked every state by how “tax-friendly” it is. The analysts didn’t just look at income tax – they also factored in property taxes, plus state and local sales taxes.

To determine where people pay the highest tax burden, MoneyGeek looked at a hypothetical average family: a married couple with one kid, earning the median national income of $82,852, owning a $349,400 home. The study breaks down how much this fictional family would pay in taxes in every state.

The states with the lowest tax burden, according to the analysis, were:

  • Wyoming (estimated taxes: 4% of income or $3,279)
  • Nevada (estimated taxes: 4.7% of income or $3,879)
  • Alaska (estimated taxes: 5.4% of income or $4,507)
  • Florida (estimated taxes: 5.6% of income or $4,632)
  • Tennessee (estimated taxes: 6.5% of income or $5,377)
  • Washington (estimated taxes: 6.5% of income or $5,414)
  • North Dakota (estimated taxes: 6.7% of income or $5,556)
  • Arizona (estimated taxes: 6.8% of income or $5,665)
  • South Dakota (estimated taxes: 7.2% of income or $5,938)
  • Delaware (estimated taxes: 7.3% of income or $6,074)

The states with the highest tax burden were:

  • Illinois (estimated taxes: 16.8% of income or $13,894)
  • Connecticut (estimated taxes: 15.1% of income or $12,545)
  • New Jersey (estimated taxes: 14.3% of income or $11,872)
  • New Hampshire (estimated taxes: 14.1% of income or $11,694)
  • New York (estimated taxes: 13.9% of income or $11,495)
  • Iowa (estimated taxes: 13.8% of income or $11,398)
  • Wisconsin (estimated taxes: 13.2% of income or $10,976)
  • Vermont (estimated taxes: 12.6% of income or $10,453)
  • Nebraska (estimated taxes: 12.6% of income or $10,446)
  • Michigan (estimated taxes: 12.4% of income or $10,239)

Based on its analysis, MoneyGeek also gave every state a letter grade on its “tax friendliness.” The states with A grades have the lowest tax burden on an “average” family, while the states with D or E grades have the highest tax burden.

MoneyGeek’s estimates only hold true for that hypothetical family,earning about $82,000 a year with a $349,000 house. A family who just bought a $1 million house in California would probably be paying a lot more in taxes, while a single person earning $40,000 in Texas would be paying less.

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About Jason Taub - Realtor

Native South Floridian. Resident of downtown Fort Lauderdale for 8 years. Served on the Board of Directors for condo association of 400+ units. Extensive knowledge of the Fort Lauderdale area and Broward County. Buy, Sell, Rent - I've got you covered.

About D'Angelo Realty Group

From the inception of the downtown Fort Lauderdale condo market, consistently year after year, D’Angelo Realty Group has been the local market leader with a proven track record and longevity of listing and selling luxury estates in the greater East Fort Lauderdale area. Closing well over 1,200 condominium transactions and over $2 billion in real estate sales, the expertise within our full scale real estate brokerage will secure the highest market value for sellers and negotiate the most equitable price attainable for our buyers.

Contact Jason today for all of your real estate needs. Available 24/7.

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