What are the lowest tax states to live in? (Where’s Nevada?)
Here are the 10 states with the lowest tax burdens according to Wallet Hub:
- Alaska
- Delaware
- Tennessee
- New Hampshire
- South Dakota
- Oklahoma
- Florida
- Alabama
- Wyoming
- Texas
This is based on income taxes, property taxes, and sales and gross receipts taxes as a percentage of personal income. I would have bet money Nevada would be on the list at least, good thing I don’t gamble!
The lowest tax states – Nevada is missing?
I’m shocked the great state of Nevada didn’t make the list of the top 10 lowest tax states. Let’s look at the facts:
- State income tax = 0%
- Property tax effective rate = .96%
- Sales tax = 8.15%
The article has Nevada’s property tax rate at 2.48%, which is on the low end but not in the top 10. Where we get killed in this report is our sales and gross receipts tax. They have us listed at 5.89% or the second highest in the United States. No doubt this is due to the expansive hospitality and tourism industry which our great state enjoys!
If gross receipts wasn’t part of this equation, no doubt Nevada would be in the top 10 lowest tax states. For now however, we’ll take our ranking as 16th nationwide and be happy with it (I suppose).