By Amanda Weiss
Finances play a far more significant role in our lives than we often want them to. Along with the expenses of buying the items we need, taxes are an unavoidable cost. There are taxes on everyday products, housing, property, and more. Depending on your geographic location, the amount you will owe in taxes can vary. Taxes, in particular, vary between different states. In many cases, areas that are very attractive in some respects have unreasonable taxes, and this can affect where you choose to live. Whether you are first looking to settle down or searching for a retirement spot, consideration of taxes is important. These, according to the Tax Foundation, are the 11 worst states in the US for high taxes.
1) New Jersey
The worst state to live in based on taxes alone is New Jersey. The amount of income tax you will pay as a New Jersey resident can vary widely. In fact, people pay anywhere between 1.4% and 8.97%. The sales tax applied to products and services is 7%. New Jersey is also known for its extremely high property taxes. On average, a homeowner pays $8,500 in a year as property tax. For all residents overall, the per capita yearly amount is almost $3,000. Property taxes are this high because the state is densely populated and these taxes pay for local government expenses. Additionally, public education in New Jersey is very expensive, and property tax funds pay for it. The high taxes in the state also contribute to the pension system, since it is consistently underfunded.
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