When it comes to making ends meet, some state governments do a better job than others, according to a new ranking by WalletHub.
"Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes," WalletHub said in the report. "And it isn’t uniform across the U.S., either."
To determine those states whose residents can expect to have the biggest tax burdens this year, WalletHub used date from the Tax Policy Center to compare all 50 states across property taxes, individual income taxes, and excise taxes as a share of total personal income in the state.
Here, in ascending order, are WalletHub's 10 states with the highest tax burden of 2023.
10. Iowa
Iowa ranks 14th with a property tax burden of 3.40%; 16th with an individual income tax burden of 2.41%; and 25th with a total sales and excise tax burden of 3.34%. Total Tax Burden: 9.15%.
9. Illinois
Illinois ranks 10th with a property tax burden of 3.66%; 22nd with an individual income tax burden of 2.27%; and 22nd with a total sales and excise tax burden of 3.45%. Total Tax Burden: 9.38%.
8. Minnesota
Minnesota ranks 22nd with a property tax burden of 2.89%; sixth with an individual income tax burden of 3.11%; and 23rd with a total sales and excise tax burden of 3.41%. Total Tax Burden: 9.41%.
7. Maryland
Maryland ranks 31st with a property tax burden of 2.66%; second with an individual income tax burden of 4.21%; and 41st with a total sales and excise tax burden of 2.57%. Total Tax Burden: 9.44%.
6. New Jersey
New Jersey ranks fourth with a property tax burden of 4.88%; 17th with an individual income tax burden of 2.36%; and 43rd with a total sales and excise tax burden of 2.52%. Total Tax Burden: 9.76%.
5. Connecticut
Connecticut ranks sixth with a property tax burden of 4.24%; ninth with an individual income tax burden of 2.92%; and 40th with a total sales and excise tax burden of 2.67%. Total Tax Burden: 9.83%.
4. Vermont
Vermont ranks second with a property tax burden of 4.98%; 27th with an individual income tax burden of 2.07%; and 27th with a total sales and excise tax burden of 3.23%. Total Tax Burden: 10.28%.
3. Maine
Maine ranks first with a property tax burden of 5.33%; 14th with an individual income tax burden of 2.52%; and 26th with a total sales and excise tax burden of 3.29%. Total Tax Burden: 11.14%.
2. Hawaii
Hawaii ranks 26th with a property tax burden of 2.74%; 10th with an individual income tax burden of 2.86%; and first with a total sales and excise tax burden of 6.71%. Total Tax Burden: 12.31%.
1. New York
New York ranks fifth with a property tax burden of 4.36%; first with an individual income tax burden of 4.72%; and 24th with a total sales and excise tax burden of 3.39%. Total Tax Burden: 12.47%.
The full report can be viewed here.
