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WalletHub: Illinois Ranks Very Poorly on State and Local Tax Rates

Fri July 01 2016 10:42 am
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In a recent article by WalletHub, the personal finance website published results after WalletHub’s analysts compared state and local tax rates in the 50 states and the District of Columbia against the national median.

In order to identify the states with the highest and lowest tax rates, WalletHub’s analysts compared the 50 states and the District of Columbia across four types of taxation:

Real-Estate Tax: To calculate this tax, WalletHub first divided the “Median Real-Estate Tax Amount Paid” by the “Median Home Price” in each state. WalletHub then applied the resulting rates to a house worth $175,700, the median value for a home in the U.S., in order to obtain the dollar amount paid as real-estate tax.

Vehicle Property Tax: To calculate this tax, WalletHub examined data for cities and counties collectively accounting for at least 50 percent of the state’s population and extrapolated this to the state level using weighted averages based on population size. For each state, WalletHub assumed all residents own the same car: the 2016 Toyota Camry LE four-door sedan, 2015’s highest-selling car, valued at $23,070.

Income Tax: To calculate this tax, WalletHub used the percentage of income (middle income rate) spent on income tax from WalletHub’s Best States to Be Rich or Poor from a Tax Perspective report. More specifically, WalletHub used the mean third quintile income amount of $53,889.

Sales & Excise Tax: To calculate this tax, WalletHub used the percentage of income (middle income rate) spent on sales and excise taxes from WalletHub’s Best States to Be Rich or Poor from a Tax Perspective report. More specifically, WalletHub used the mean third quintile income amount of $53,889.

Illinois ranked poorly or worst on all categories except for Vehicle Property Tax. There is no Vehicle Property Tax in Illinois.

Illinois had the worst Effective Real Estate Tax Rate at 7.35%.

Illinois ranked worst on the Effective Total State & Local Tax Rates at 14.54%. The best states (top ten in ranking order) in this category were Alaska, Delaware, Montana, Wyoming, Nevada, Tennessee, Idaho, California, South Carolina, and Florida (all under 10%).

Illinois ranked worst on Annual State & Local Taxes on Median U.S. Household ($7,836).

Illinois ranked the worst on the difference between the State of Illinois State and Local Tax Rates and the National Average of State and Local Tax Rates. Illinois is 35.83% higher.

Illinois ranked worst on Annual State & Local Taxes on Median State Household ($8,100).

Illinois had the second worst Real Estate Tax Rate at $3,959. The worst was New Jersey at $4,029.

Illinois ranked #43 on Adjusted Overall Rank (based on Cost of Living Index) where #1 is best. The worst three were New York #51, Connecticut #50 and Hawaii #49. The best three states Delaware #1, Wyoming #2 and Montana #3.

Illinois ranked #30 where #1 is best on Income Tax. The effective income tax rate was 2.82% and the Income Tax was calculated at $1,708.

WalletHub is a personal finance website based in Washington, D.C. WalletHub is owned by Evolution Finance, Inc. – also parent company of the credit card website

See also …
WalletHub 2016’s States with the Highest & Lowest Tax Rates

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