What States Have No Property Tax ?
There are few states in the United States which do not impose any income tax such as Wyoming, Washington, Texas, South Dakota, Nevada, Florida and Alaska. There are also states who charge income tax on the amount received from interests or dividends like New Hampshire and Tennessee. |
One should not mistake it as one of the tax evasion means. Reason being income tax is the only means of receiving revenue by the governments, whether state or federal. So, how does the government run without an income tax? Generally states charge some other taxes to earn their revenue, like sales tax, property tax, luxury tax, corporate profit tax and taxes on state activities. Nevada earns a quantum of its earnings from gambling business. Alaska is the only known state that has no income or sales tax.
The amount of property tax calculated depends on the total assets owned by the person. Few states do offer some breaks in the property tax based on the total income or age but if it is compared to the cost of living then the thing comes out to be same. For instance, living in Alaska with no income and sales tax seems to be profitable, but what about the severe winter and harsh climate!
Florida, on the other hand has proved to be an ideal home for retirees because of its no income and property tax and also due to its excellent weather conditions. But it has been under the influence of occasional hurricanes, storms that could be at times be severe.
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