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Prairie State Wire

Friday, November 22, 2024

Illinois tops Kiplinger’s list of 'least tax-friendly' states in nation

Property tax 3

Illinois has been named the nation’s 'least tax-friendly' state in a new analysis by Kiplinger. The personal finance publication ranked states based on the income, property and sales taxes.

While Illinois’ flat income tax rate of 4.95 percent isn’t high compared to other states, but its property and sales taxes are higher. Illinois property taxes are the second-highest in the nation with residents paying an average of $2,408 in taxes per $100,000 of assessed home value.

The combined state and local sales tax also exceeds 10 percent in some municipalities. The high rate, compared to other states, could be attributed in part to Illinois' inclusion of food and drugs in their sales tax.

The nearby states of Wisconsin, Ohio and Iowa were also among the 10 least tax-friendly states. Tennessee, South Dakota and North Dakota were among the most tax-friendly states.

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