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Report Names Cities With Lowest Tax Burdens

1

April

By Natalie Wise

If you’re looking to settle in an area with low taxes, don’t look to Bridgeport, Conn., which has the highest overall tax burden in a large city in America. Instead, 24/7 Wall Street suggests trying tropical Honolulu or Western Cheyenne, Wyo. Based on the latest data and looking at the largest city in each state, here are the 10 cities with the overall lowest tax burden in the country, broken down by low income ($25,000) and high income ($150,000).

Cheyenne, Wyo., tops the list, featuring no income tax and a low tax burden for higher-income families. In fact, Cheyenne had the lowest overall taxes for families earning over $150,000 out of all of the cities. Sales tax, gasoline tax, and property taxes are also among the lowest in the country.

Las Vegas, despite a very high unemployment rate (11.2 percent) and a low median income, has an overall low tax burden, particularly on high earners, and is No. 2 on the list.

Billings, Mont., is No. 3, partially due to the fact that the state taxes the booming gas and oil production industries, lessening the tax burden on residents.

Anchorage, Alaska, if you can bear the cold, features low taxes, high incomes, no income tax and ranks at No. 4 on the list.

Sioux Falls, S.D., at No. 5, is another state without income tax and with a low tax burden across the board. Jacksonville, Fla., No. 6, features low property taxes for all but the lowest tax bracket, and the state also has no income tax.

No. 7, Seattle, also enjoys no state income tax in Washington, which contributes to lessening the overall tax burden on residents there.

Honolulu might be the place to look if you favor island living and low taxes. At No. 8 on the list, Honolulu features a low unemployment rate and low property taxes despite high home values.

Birmingham, Ala., and Houston both made the list at No. 9 and 10, respectively, with low tax burdens for residents at all income levels.

[Last modified: Tuesday, April 1, 2014 8:00pm]

    

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