Everyone has to pay taxes, but where you live has a lot to do with how much you fork over to Uncle Sam.
Living in New York City will take the biggest but out of your budget as it has the highest tax rates in the country. Wyoming came in with the lowest tax rates, based on a new report from WalletHub,a personal finance website.
WalletHub analyzed how state and local tax rates in each state compared to the national median in 50 states and the District of Columbia. The study compares eight different types of taxation to determine which states had the highest and lowest tax rates, how they compare to the national median and which states offer the most value, in terms of low taxes and high cost-of-living adjusted income levels.
Here’s a look at the five states that have the worst tax rates nationwide:
The Big Apple is home to the most burdensome taxes. The average state and local taxes were $9,718 for New Yorkers, 39% higher than the national median.
California residents pay, on average, $9,509 on state and local taxes a year--36% higher than the national median.
Nebraska’s taxpayers are shelling out 36% more than the national average as state and local taxes cost $9,450 per year.
People living in Connecticut pay $9,099 on average for state and local taxes, 31% higher than the national median.
Those living in the Land of Lincoln face state and local tax bills of $9,006 a year on average. This is 29% higher than the national median.