A new study examines which cities are best and worst when it comes to the tax-friendliness for renters and homeowners. New York City ranked lowest, while Las Vegas came out on top.
For the median household in Las Vegas, the state and local income tax rates are both 0 percent, with an average property tax rate of 0.97 percent, according to GoBankingRate's study. Southern cities dominated the top 10 "tax-friendly" states, with three in Florida, (Miami, Tampa, and Jacksonville), Phoenix, Nashville and Memphis, Tennessee, and New Orleans rounding out the 10 best. Colorado Springs, Colorado, and Seattle also ranked in the top 10.
The study reviewed the effective tax rates for residents in the 52 largest cities in America, scoring them on state and local income tax rates (for the median household income in that city), and the average property tax, before combining those scores to reveal which cities have tax structures that make it easier on residents and which ones make the cost of urban living that much worse. All tax rates were sourced from SmartAsset's tax calculators
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