Paying taxes isn’t any fun. Unfortunately, there really is no way around paying some taxes. Of course, tax rates aren’t all created equal among the states that make up America. Some states have income taxes, while others do not. Also, property taxes and sales taxes can vary widely. This difference could increase your income by 10 to 30%, simply by reducing your tax burden. Therefore, if you would like to reduce the amount of taxes you owe, you might want to consider moving to one of the following states:
The picturesque and remote state of Alaska has a minuscule 4.55% property tax rate, no sales tax and no income tax. While the tax benefits might interest you, the natural, raw beauty of the state will make becoming a resident a pleasure. Of course, isolation is a factor you must consider before giving Alaska serious consideration.
Beautiful sunny Florida has more going for it than palm trees and sandy white beaches. The Sunshine State, which is the home to Disney World and the Kennedy Space Center, also has a 3.45% property tax, small 6.00% sales tax and no income tax. Gas is even priced affordably at $.36 a gallon.
Big Sky Country boasts no sales tax, low income tax ranging from 1.00% to 6.90% and property taxes of 3.74%. You can get a gallon of gas for $.28 a gallon. Not only will you save money by moving to this beautiful state, but you can also take advantage of many outdoor adventures and opportunities for exploration and rejuvenate your pocketbook and your soul simultaneously.
This state represents another of the nation’s most naturally beautiful. Within its borders, you can explore the Grand Teton National Park and Yellowstone, not to overlook Jackson Hole. You will also enjoy no income tax, 4.54% property tax rates, and low 4.00% sales tax when you become a resident of Wyoming.
Known as the “Land of Enchantment” this state is replete with a vibrant cultural blend of the Old West, American Indian, Spanish and Mexican heritages. It also isn’t bad when it comes to taxes. As a resident of New Mexico, you will enjoy the low sale’s tax rate of 5.13%, an income tax rate ranging from 1.70% to 4.90% and 1.93% property tax rate.
This state has plenty of old-world charm and sprawling estates with historic cities like Charleston but also boasts a blossoming tech community/industry in Greenville. Add to that the fact that residents will enjoy paying income taxes of between 3% and 7%, property taxes of 3.09% and a low 6% sales tax, and you will understand the vast appeal South Carolina offers new residents.
The Cowboy State of Utah provides equally appealing activities in both the summer and winter months. It’s winter appeal includes world class skiing along with scenic drives, and in the summer, residents can enjoy breathtaking views of Monument Valley and Zion National Park. Of course, the perks for residents don’t end with the natural beauty of the state as Utah is also pretty tax-friendly with low sales tax of 5.95%, income tax of 5% and property tax rates of only 2.72%.
The above states are seven of the most tax friendly in the United States. Making a move to one of them can help you keep more of your hard earned money in your own pocket by reducing your tax burden.