If you are considering moving to another state to lower your tax liability, it’s important to understand that although no or low income taxes may be a draw, property and sales taxes need to be part of the equation, too.
Update your settings here to see it.Forty-five states have a sales tax, plus the District of Columbia, with 38 states allowing local sales tax, according to aAlaska, Delaware, Montana, New Hampshire, and Oregon do not have state sales tax. Even though Alaska doesn’t have a state sales tax, it allows localities to charge a local sales tax.
Even though a state may have a low income tax rate, the sales tax might actually be high. For example, Louisiana has among the lowest income and property taxes, but it has the highest combined state and local sales tax of 9.55%. Similarly, Tennessee has no state income tax, is in the lowest 10 states for property tax, but has the second-highest combined sales tax rate at 9.548%.
Arkansas, Alabama, and Oklahoma have some of the lowest property tax rates, but they are among the top 10 states with the highest combined sales tax rates. Ronda is a personal finance senior reporter for Yahoo Finance and attorney with experience in law, insurance, education, and government. Follow her on Twitter
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