When considering the purchase of a new home or moving to a new area, one often looks at job opportunities and quality of life; however it’s just as important to analyze the impact of state and local taxes on your family finances.
There are a range of taxes including income, sales, gas and sin (alcohol and tobacco) taxes to consider.
Sandra Block, senior associate editor at Kiplinger's Personal Finance broke the country down by state to arm potential homebuyers with additional information when looking to buy a house.
Kiplinger’s found Delaware, Wyoming, Louisiana and Mississippi as the most “tax-friendly” states. The least tax-friendly states are on both coasts. California, Connecticut, New Jersey and New York cost homeowners the most in terms of taxes.
But Block warns consumers to consider the trade-offs when it comes to states with low tax revenues, such as education, public safety and transportation.
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