1 As of 2020, AK, FL, NV, SD, TX, WA and WY have no state income tax. NH and TN residents are taxed only on income from interest and dividends. 14 states have a state estate tax and six states have an inheritance tax.
2 South Florida Sun-Sentinel, January 9, 2020
3 State income tax rates can exceed 10% for high earners in states like NY, NJ and CA. CA does not impose an estate tax.
4 According to the National Association of Home Builders, Texas is one of the states with the largest proportion of taxpayers paying more than $10,000 in annual property taxes. As reported by Ben Eisen and Laura Kusinto in "High-Tax States Lose People Over 2017 Law," The Wall Street Journal, January 27, 2020.
5 California's Proposition 13 limited property tax rates to 1.125%. In addition, it limited annuals reassessments of a property tax's value to a 2% annual increase, subject to certain restrictions on changes in ownership. Much of California real estate has experienced annual increases in value far above 2%. This means that a substantial portion of the housing stock is assessed at a value far below the its fair market value.
6 Matter of Rudolph, New York Department of Taxation Appeals, DTA No. 804111
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