Published February 17, 2014
5 Cities with the Highest Tax Rates
Five Cities with the Highest Tax Rates
If you’re looking to lower your tax bill, don’t relocate to any of these cities. Here’s a roundup of the five cities in the country with the highest tax rates, according to 24/7 Wall Street.
Unemployment rate: 7.8%
Like Philadelphia, Bridgeport residents of both high and low incomes face high tax bills. Families earning $150,000 a year had the highest tax rates nationwide, with $33,208 in taxes due in 2012. And lower earners at $25,000 paid $4,001 in taxes, the fourth highest tab in the cities reviewed nationwide.
In Bridgeport, more than 20% of the households surveyed made more than $200,000 a year, more than any other metro city reviewed, according to the report.
Unemployment rate: 8.6%
The City of Brotherly Love shows no love for earners of all levels. Families making $150,000 a year face the third highest rates in the nation, paying $25,317 in taxes. And poorer families making $25,000 a year pay $3,794 annually in taxes, a higher burden than other low-level earners face nationwide.
Unemployment rate: 7.4%
Milwaukee had the second highest tax rate for high-income earning families at $150,000 a year paying $26,296 in taxes due to high property tax burdens. 24/7 Wall Street reports the effective property tax rate is 3% and that the city works on a graduated income tax system, meaning families that earn more face higher tax rates.
Unemployment rate: 7.2%
24/Wall Street reports taxes for high-end families with more than $150,000 in annual income living in Charm City face the fourth highest tax rate in the nation at $24,747 per year. Baltimore’s property tax burden is also high, the report states, with families in this bracket paying an average of $13,772 in property taxes in 2012.
Low-income families with less than $25,000 a year in earnings in the city have no income tax burden, with taxes on average around $2,950, the 16th lowest rate in the nation, according to the report.
Unemployment rate: 6.1%
Tax burdens for families earning $150,000 a year owe approximately $22,333 annually in taxes, giving the city the title of having the sixth highest tax rate in the nation. The city’s high real estate taxes, at 3.57%, is the highest effective property rate of any city in the country.
But for lower-income families earning $25,000 a year in Columbus, the tax burdens dropped to 11.8%, or $2,953 a year, the report states.