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The Most- and Least-Taxed States for Retirement

8/22/2017

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The Most- and Least-Taxed States for Retirement
When it comes to choosing where to live during retirement, weather isn't the only consideration. State and local tax laws have a significant impact on your nest egg.

The charts below show the highest and lowest state tax rates and costs of living, from data provided by nonprofit think tanks the Tax Foundation and the Council for Community and Economic Research.

​State Income Tax Rates

Highest
1. California (13.3%)
2. Oregon (9.9%)
3. Minnesota (9.85%)
4. Iowa (8.98%)
5. New Jersey (8.97%)
6. Vermont (8.95%)
7. Washington DC (8.95%)
Lowest
50. Alaska (0%)
49. Florida (0%)
48. Nevada (0%)
47. South Dakota (0%)
46. Texas (0%)
45. Washington (0%)
44. Wyoming (0%)

State and Local Sales Taxes

(state and average local tax rates combined)
Highest
1. Louisiana (10%)
2. Tennessee (9.5%)
3. Arkansas (9.3%)
4. Alabama (9%)
5. Washington (8.9%)
Lowest
50. Delaware (0%)
49. Montana (0%)
48. New Hampshire (0%)
47. Oregon (0%)
46. Alaska (1.8%)

Property Taxes

(Rankings based on the statewide average of local rates.)
Highest
1. New Jersey
2. Illinois
3. New Hampshire
4. Connecticut
5. Wisconsin
Lowest
50. Hawaii
49. Alabama
48. Louisiana
47. Delaware
46. Washington DC
If taxes were the only consideration in our retirement destinations, everyone would move to Alaska, which has no state income or sales taxes. However, the "last frontier" state also has one of the highest costs of living in the U.S. Therefore, you may also wish to consider which states have high and low costs of living.

Don't Forget: Cost of Living

Highest
1. Hawaii
2. District of Columbia
3. California
4. Alaska
5. New York
Lowest
50. Mississippi
49. Arkansas
48. Oklahoma
47. Michigan
46. Tennessee
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513.272.8400
Cincinnati: 9624 Cincinnati Columbus Road, Suite 209, Cincinnati, OH 45241

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  • About
  • Services
    • Tax Strategy Network
    • Financial Planning
    • Accounting
    • Outsourced Accounting
    • Business Consulting
  • Individuals
    • Individuals
    • Real Estate Investors
    • Clergy
    • Business Owners
    • Professionals
  • Businesses
    • Small Businesses
    • Mid-Size Businesses
    • Real Estate Investors
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    • Real Estate Resources
  • Contact
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