Florida Ranked 9th Among States With The Lowest Tax Rate By WalletHub Study

By on March 17, 2018 in WNDB News

Florida According to a 2018 study conducted by WalletHub, a personal finance company, the State of Florida has the 9th lowest tax rate in the country.

As the April 17 tax-filing deadline looms, WalletHub researched all 50 states’ real-estate, vehicle property, income, and sales and excise taxes to find the states with the cheapest and most expensive tax rates. To view exactly how WalletHub analyzed and compared state tax data, head here under “Methodology.”

According to the study, Florida ranks 9th in the nation for having an overall effective state and local tax rate. The state also tied for first for lowest income and vehicle property tax rates as well as it ranked 27th for its real estate tax rate and 44th for its sales and excise tax rates.

According to the Bureau of Labor Statistics, which WalletHub referenced in its findings, the average American household pays over $5,700 in federal income taxes. On top of federal income tax, the average Floridian household is responsible for $4,921 in state and local taxes. Those state and local taxes are comprised of an average of $1,885 in real estate taxes and $3,037 in sales and excise taxes for Floridians.

Taxes by State:

 

(Chart courtesy of WalletHub)

For more on this story, head to www.WalletHub.com.

Photo courtesy of Shutterstock.com and topseller.

Copyright Southern Stone Communications 2018.

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