Yahoo! Finance: LA #6 Most Tax Friendly In U.S.
NEW ORLEANS – Yahoo! Finance has named Louisiana the #6 most tax-friendly state in the nation.
The website writes "The Pelican State is a particularly attractive destination for homeowners. Its property taxes are the third-lowest in the nation. The property tax on the state's median home value of $143,600 is $710…Another plus: At 20 cents per gallon, Louisiana's gas tax is well below the national average of 30 cents.”
The website also reported:
• State income tax: 2% (on taxable income of up to $12,500/individual, $25,000/joint) – 6% (on income of more than $50,000/individual, $100,000/joint)
• Effective income tax rate: 3.2%/individual, 3.9%/joint
• Average state and local sales tax: 9%
• Gas taxes and fees: 20 cents per gallon
• Louisiana's top income tax rate of 6% kicks in at $50,000 of taxable income. However, residents can deduct all of their federal income tax from state taxable income.
• Local parishes and jurisdictions can add their own levies to the state sales tax, boosting the average combined rate to 9%, according to the Tax Foundation. In some jurisdictions, sales taxes are as high as 11.66%.
Yahoo! Finance’s Top 10 Most Tax-Friendly States are:
8. South Dakota