Texas Ranks 29th for Tax Rates
It’s no secret that tax bills aren’t created equal. But while most of us understand that some states don’t charge income or sales taxes, we might not realize how state-by-state tax differences result in paying considerably more or less than our neighbors in other states. To answer that question, WalletHub today released its report on 2016’s States with the Highest & Lowest Tax Rates.
With tax season in full gear, WalletHub’s analysts compared various tax rates among the 50 states and the District of Columbia in terms of the national average consumer’s income and spending habits.
Tax Rates in Texas (1=Lowest; 25=Avg.):
29th – Overall Effective State & Local Tax Rate
1st – Income Tax
47th – Real-Estate Tax
1st – Vehicle Property Tax
38th – Sales & Excise Taxes
For the full report, please visit WalletHub website.