These 38 States Don’t Tax Your Social Security Benefits

Photo by SevenMaps from Shutterstock

18. Maryland

It comes as a relief to find out that there are literally no local sales taxes in the Old Line State. even if the state does impose a 6 percent levy. The highest income tax rate is at 5.75 percent on more than $300,000 of taxable income for those who are married and file jointly and more than $250,000 for those who file as individuals.

The lowest rate is 2 percent on up to $1,000 of taxable income. Property taxes can be a nightmare here since the median property tax rate is $1,095 per $100,000 of assessed home value.

For estates exceeding $5 million, the Old Line State imposes an estate tax that can be as high as 16 percent. If you’re not a Class A beneficiary, Maryland forces you to pay a 10 percent inheritance tax.

PREV 1 ... 15 16 17 ... 28NEXT

Leave a Comment

Your email address will not be published. Required fields are marked *

related posts
from our network