Report: Virginia has 14th lowest tax burden in country
(The Center Square) – Virginia has the 14th lowest tax burden when compared to the other 49 states, according to a report from the financial website WalletHub.
The report ranked property tax, income tax and sales and excise tax as a share of personal income. Virginia’s overall burden was 7.86%.
“Virginia ranks among the top 15 states with the lowest tax burdens,” WalletHub Analyst Jill Gonzalez said. “Its overall tax burden is 7.86%. The main factor that contributed to this ranking is the low sales tax, just above 2%. Plus, the state has average property taxes, that amount to less than 3% of personal income.”
Virginia’s best ranking was its sales and excise tax burden, which was seventh best in the country at 2.06%. The state’s property tax burden was around the middle, having the 22nd highest burden at 2.93%. Its worst ranking was the individual income tax burden, which ranked 11th highest with 2.87%.
The commonwealth performed better than all of its neighbors, except for Tennessee, which had the second lowest tax burden. North Carolina finished three spots behind Virginia and the rest finished in the bottom half.
New York had the highest tax burden in the nation, followed by Hawaii, Vermont and Maine. Alaska had the lowest burden, followed by Tennessee, Wyoming and Delaware.
Republican states performed better than Democratic states. According to the report, blue states ranked on average 19.32 for highest tax burden and red states ranked on average 31.36.
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