Big Five: Lowest tax states

Big Five: Lowest tax states

March 25th, 2014 by Staff Reports in Business Around the Region

The average American household paid $7,000 in state and local taxes and fees. The states with the lowest overall state and local taxes, as measured by 10 different types of taxes ranging from state and local income taxes to alcohol and telecommunications taxes, are:

1. Wyoming, $2,365, or 66 percent below U.S. average

2. Alaska, $2,791, or 60 percent below U.S. average

3. Nevada, $3,370, or 52 percent below U.S. average

4. Florida, $3,648, or 48 percent below U.S. average

5. South Dakota, $3,766, or 46 percent below U.S. average

Tennessee ranked 25th with state and local taxes and fees of $7,252, or 4 percent more than the U.S. average, while Georgia ranked 26th with state and local taxes and fees of $7,319, or 5 percent more than the U.S. average. The data is based upon the average home value of $174,600 and a typical household consumption for transportation, food and other items.

Source: WalletHub