There are a lot of reasons to live in Florida: sunshine, beaches, Walt Disney World … and taxes?
When it comes to the best states to be a taxpayer, Florida is ranked among the best with an average annual state and local tax payout of $3,648.
That makes Florida fourth in the nation, according to a new survey from WalletHub. Only Wyoming, Alaska and Nevada are better. It’s some good news, at least, as we head into the deepest part of tax season.
WalletHub looked at how state and local tax rates compared to the national median in 50 states and the District of Columbia. The company looked at who had the highest and lowest tax rates, how they compared to the median, which states offered the most value in terms of low taxation and high cost-of-living adjusted income levels.
The study found Florida paid 48 percent less in taxes than the national median. Wyoming, where the tax burden is just over $2,300 annually, is 66 percent lower than the national median.
The worst state to live when it comes to taxes? New York, where residents can see tax bills as high as $9,700 on average — 40 percent over the median.
Where do other states rank? See the interactive map below, courtesy of WalletHub.