That means that, for the hypothetical taxpayer used in our study, real estate taxes in Honolulu would total under $800 per year-far less than in any other city. While most major cities collect about 1% of home values in annual real estate taxes, Honolulu collects less than a third of a percent. So why is it ranked so high? The key is low real estate taxes. Unlike the other top 5 low tax cities, Honolulu is in a state that collects income taxes and sales taxes. That, in part, explains why the people of Henderson pay no income taxes to their state, county or city government each year, and enjoy one of the lowest tax burdens in the country. In total, contributions from the casino-hotel industry accounted for 47% of the state’s general fund revenue of $2.8 billion. And here’s one other reason the tax-averse might like the Sunshine State: Floridians pay no state inheritance tax.ĭuring fiscal year 2014, the state of Nevada collected over $700 million in gaming taxes from casinos, in addition to $139 million in live entertainment taxes and $15 million in liquor taxes. In general, Florida is one of the best states for retirement, so soon-to-be retirees who are interested in living in a major metro might want to give Jacksonville some consideration. The largest city in Florida, Jacksonville’s low taxes make it one of the most affordable big cities in the country. We found that Tampa’s effective real estate taxes (that is, tax rates as a percentage of actual home values) are lowest of Florida’s major cities, just below Jacksonville and Miami. Florida collects no income tax, and its state sales tax of 6% is significantly lower than any other no-income-tax state. This may be in part because of the exemptions afforded veterans and seniors, who don’t have to pay taxes on the first $150,000 of their home’s value in Anchorage.Īll three Floridian cities with a population of at least 250,000 ranked in the top ten of our study, which is indicative of the state’s across-the-board low tax rates. The city has no income or sales taxes, and its effective real estate tax rates are lower than major cities in the lower 48, including Chicago, Baltimore and Minneapolis. While the city of Anchorage can’t quite afford to pay its citizens to stay put, it still manages to keep taxes low. The dividend’s amount varies year-to year, ranging in recent years from around $900 to over $2,000. The state of Alaska is well-known for its taxpayer friendly policies, particularly the “Permanent Fund Dividend,” an annual payment sent to state residents who have lived in Alaska permanently for at least one year. The crown of Lowest Taxes in America goes to the northernmost city in our study. Zero. That’s how many Midwestern cities landed in the top third of the cities in our study, and several landed in the bottom ten, including Milwaukee, Wisconsin Columbus, Ohio and Lincoln, Nebraska. The state has no income tax and low sales taxes, especially as compared to other no-income-tax states. Three. That’s how many of the top ten low-tax cities are located in the state of Florida. Based on our analysis, these are the fifteen best cities for middle-class taxpayers. income for full-time, year round workers), who owns a home worth $270,000 (the average home value for major cities). For every city in our study, we projected a tax bill for a hypothetical tax payer earning $45,000 a year (the median U.S. We considered the three most significant taxes paid by middle-class Americans: income taxes, sales taxes and real estate taxes (also called property taxes).
city with a population of at least 250,000, and calculated the expected tax bill for a typical income-earner in that area. To find the cities with the lowest taxes, SmartAsset looked at tax data for every U.S.
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