4. Wisconsin
You’ll find more than badgers in the Badger State- you’ll find super high income and property taxes. Let’s break it down.
State income taxes will look like this to residents of Wisconsin 3.86% on taxable income of $11,450 or less for single filers; $15,270 or less for joint filers and 7.65% on taxable income over $252,150 for single filers; over $336,200 for joint filers, though we must admit that the state also tried helping those with lower income by lowering taxes.
The property tax rate sits at around $1,924 per $100,000 in home value. For a $400,000 home in the state get ready to pay up $7,695 per year. In this nation-wide ranking, Wisconsin is the sixth-highest state.
In addition, you’ll pay 32.9 cents per gallon of gas but hey, their beer tax is the second-lowest in the country. You lose some you win some, right? Another thing to consider is the fact that the average state and local sales tax sits at 5.44%.
3. New York
Welcome to the home of the big apple where the income taxes are hefty and… actually, most taxes are high here, who are we kidding?
Given that the average property tax is $1,812 per $100,000 in home value, you’ll pay $7,246 per year for a $400,000 in The Empire State- the ninth-highest average in the nation. Some homeowners have to sometimes pay double that amount, especially in Westchester County. You know what that means, right? They’ll also reach the $10,000 cap on the federal deduction for state and local taxes.
In addition to that, New York also has an estate tax. It’s only imposed on the portion of an estate over the $5.74 million exemption. But here’s the catch. If the value of that property exceeds 105% of the exemption amount then the entire estate will be subject to taxes. Ouch!
With an average sales tax of 8.49%, it’s no wonder New York is the 10th unfriendliest state in this category. Luckily, drugs, food, health club memberships, arts and entertainment tickets (most, not all), less expensive clothes and footwear, and more are exempt from taxes!
The state’s income taxes look like this: 4% on taxable income of $8,500 or less for single filers; $17,150 or less for joint filers and 8.82% on taxable income over $1,077,550 for single filers; over $2,155,350 for joint filers. The effective income tax rates are 5.03% for single filers and 6.33% for joint filers.
The national average is 31.7 cents per gallon for gas, but you’ll be paying 45.96 cents per gallon in New York. More bad news comes in the form of the state’s cellphone wireless service tax which is the fifth-highest in the country. There is also a commuter tax for self-employed people working in and around New York City!
