48.Wyoming- most tax-friendly
The retirees that are living in this state are enjoying one of the lowest overall state and local tax burdens in the U.S.
- There’s no State Income Tax Range;
- The Average Combined State and Local Sales Tax Rate is 5.39%;
- The Median Property Tax Rate is $575 per $100,000 of assessed home value;
- No Estate Tax or Inheritance Tax.
49.West Virginia- mixed
Although the income taxes in West Virginia are somehow high, the tax situation in this state is evolving.
- The State Income Tax Range is 3%(on up to $10,000 of taxable income)- 6.5%(on taxable income of $60,000 or more);
- The Average Combined State and Local Sales Tax Rate is 6.51%;
- The Median Property Tax Rate is $571 per $100,000 of assessed home value;
- No Estate Tax or Inheritance Tax.
50.Wisconsin- not recommended
In this state, income from pensions annuities, distributions from IRAs and 401(k) plans are taxable.
- The State Income Tax Range is 3.54% (on up to $11,450 of taxable income for singles or up to $15,960 for joint filers)- 7.65%(on taxable income over $263,480 for singles or over $351,310 for married couples);
- The Average Combined State and Local Sales Tax Rate is 5.43%;
- The Median Property Tax Rate is $1,684 per $100,000 of assessed home value;
- There’s no Estate Tax or Inheritance Tax.
+ Washington- mixed
Washington doesn’t have any broad-based personal income tax, so seniors won’t have to worry about paying taxes on their pensions, Social Security benefits or other retirement income.
- There’s no State Income Tax Range;
- The Average Combined State and Local Sales Tax Rate is 9.29%;
- The Median Property Tax Rate is $929/$100,000 of assessed home value;
- There’s an Estate Tax, but no Inheritance Tax.
If you enjoyed reading this article, we also recommend you: Do You Live in One of These 10 States With the Highest Sales Taxes?
