Pat Grenier, RR, CFP®, MBA. Contributing Writer
Grenier Financial Advisors

Finally, tax season is over!! CPA’s and Tax Preparers tell me this has been one of the worst seasons due to tax rules changing retroactively midstream.

Here are some fun facts and not so fun depending on where you live:

States without an income tax – Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. New Hampshire and Tennessee don’t have an income tax, but they do tax interest and dividends.1

States with the highest income tax – California (13.3%), Hawaii (1.4%-11%), New Jersey (1.4%-10.75%), Oregon (5%-9.9%), Minnesota (5.35%-9.85%).1

State with the lowest tax burden: Alaska, Tennessee, Wyoming, Delaware, and New Hampshire.1

States with the highest tax burden: New York, Hawaii, Vermont, Maine, Connecticut (4 out of 5 are in the Northeast followed by New Jersey).1

States with the lowest Property Tax – Alabama (1.41%), Oklahoma (1.67%), Tennessee (1.7%), Delaware (1.77%), Arkansas (1.79%).1

States with the highest Property Tax – New Hampshire (5.47%), Vermont (5.04%), New Jersey (4.94%), Maine (4.6%), Rhode Island (4.44%).1

State with the best ROI or Return on Investment – This reflects the state and local taxes paid vs how well the state spent the funds. New Hampshire, Florida, South Dakota, Virginia, and Missouri.2

States with the worst Return on Investment – Hawaii, California, New Mexico, North Dakota, and Delaware.2

States with the lowest percentage of residents in poverty – New Hampshire, Maryland, Hawaii, Minnesota, and Utah.2

State with the highest percentage of residents in poverty – Kentucky, West Virginia, New Mexico, Louisiana, and Mississippi.2

Most Federally dependent states – New Mexico, Alaska, Mississippi, Kentucky, West Virginia.3

Least Federally dependent states – Kansas, New Jersey, Delaware, Utah and Iowa.3

Highest total sales and & excise Tax as a percentage of personal income – Hawaii, Nevada, Washington, Louisiana, and Arkansas.4

Lowest total sales and & excise tax as a percentage of personal income – Alaska, Montana, New Hampshire, Delaware, and Oregon.4

Thank you for your business and the confidence you place in our team.
Grenier Financial Advisors (413-736-6712)
Wethersfield Investment Center (860-721-7880)

Securities and Advisory Services offered through Cadaret, Grant & Co., Inc., a Registered Investment Adviser and Member FINRA/SIPC.
Grenier Financial Advisors and Cadaret, Grant & Co., Inc. are separate entities.

Sources:

1. https://www.businessinsider.com/personal-finance/state-income-tax-rates-in-every-state-ranked
2. https://wallethub.com/edu/state-taxpayer-roi-report/3283
3. https://wallethub.com/edu/states-most-least-dependent-on-the-federal-government/2700
4. https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494