The tax burden on Indiana residents ranks better than most states, according to a new report by the personal finance website WalletHub.
A taxpayers’ tax burden reflects the proportion of total personal income residents pay toward state and local taxes. WalletHub’s study determined Indiana’s total tax burden for individuals was 8.15%, ranking as the 18th lowest in the U.S.
WalletHub compared the 50 states across three tax burdens and added the results to obtain the overall tax burden for each state. Those tax burdens were property tax as a share of personal income, individual income tax as a share of personal income and total sales and excise tax as a share of personal income.
Indiana ranked 10th lowest in the U.S. in property tax burden (2.19%) and 17th lowest in individual income tax burden, but it ranked ninth highest in total sales and excise tax burden (3.96%).
Alaska and its 5.10% overall tax burden was the lowest state in total tax burden, followed by Tennessee (5.74%), Wyoming (6.14%), Delaware (6.21%) and New Hampshire (6.84%).
Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming had no individual income tax burden, according to WalletHub.
Alabama (1.41%) had the lowest property tax burden in the U.S., and Oregon (1.06%) had the lowest sales and excise tax burden.
New York (12.79%), Hawaii (12.19%), Vermont (10.75%), Maine (10.5%) and Connecticut (10.44%) had the highest overall tax burdens.
This article was originally posted on Burden on Indiana taxpayers better than most in U.S.