How All 50 States Are Taxing Retirees In 2021

Photo by Sean Pavone from Shutterstock

44.Texas- not recommended

Texas has the seventh-highest median property tax rate in the country.

  • The Average Combined State and Local Sales Tax Rate is 8.19%;
  • The Median Property Tax Rate is $1,692 per $100,000 of assessed home value;
  • No Estate Tax or Inheritance Tax.

45.Utah- mixed feelings

Utah is neither hot, nor cold when it comes to taxes. On one side, Utah is one of the states that obliges seniors to pay their taxes on their Social Security benefits. On the other side, its median property tax rate in Utah is tied for the 10th-lowest in the country.

  • The State Income Tax Range is 4.95%;
  • The Average Combined State and Local Sales Tax Rate is 7.19%;
  • The Median Property Tax Rate is $575 per $100,000 of assessed home value;
  • There is no Estate Tax, neither Inheritance Tax.

46.Vermont- least tax-friendly

The Green Mountain State has a sharp top income tax rate, and most retirement income is taxed.

  • The State Income Tax Range is 3.35%(on up to $40,350 of taxable income for individual filers and up to $67,450 for couples)- 8,75%(on taxable income over for $204,000 for singles and up to $248,350 for joint filers);
  • The Average Combined State and Local Sales Tax Rate is 6.24%;
  • The Median Property Tax Rate is $1,861 per $100,000 of assessed home value;
  • There is an Estate Tax, but no Inheritance Tax.

47.Virginia- tax-friendly

Retirees will definitely feel good in the state of Virginia, thanks to the friendly overall tax environment.

  • The State Income Tax Range is 2%(on up to $3,000 of taxable income)- 5.75%(on taxable income over $17,000);
  • The Average Combined State and Local Sales Tax Rate is 5.75%;
  • The Median Property Tax Rate is $804 per $100,000 of assessed home value;
  • There’s no Estate Tax, neither Inheritance Tax.
PREV1 ... 1112 13 14NEXT

Leave a Comment

Your email address will not be published.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

10 Things Your Boss CAN’T Legally Do To You

5. Promising a paid position to an intern This can be viewed as an illegal and unpaid training period which ca be punished with federal laws. 6. Discriminate They cannot discriminate against any employees based on: religion, color, sex, nationality,

7 Most Murderous Children

We live in a world surrounded by shocking and evil things. We expect the worst from humans, horrific and truly heinous crimes, however, sometimes these come from the ones that we least expect, children. A rocky situation at home, bad

From Our Network: