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State Tax Information

All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have a severance tax, which is similar to an excise tax in that tax is paid on products produced, rather than on sales. Taxes on hotel rooms are common, and politically popular because the taxpayers usually do not vote in the jurisdiction levying the tax.

These states do not levy an individual income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. New Hampshire and Tennessee only tax interest and dividend income. Delaware, Oregon, Montana and New Hampshire have no state or local sales tax. Alaska has no state sales tax, but allows localities to collect their own sales taxes up to a state-specified maximum. California has all the mentioned taxes, with the result that tax liability often exceeds 51% of income for many California residents.

Many states also levy personal property taxes, which are annual taxes on the privilege of owning or possessing items of personal property within the boundaries of the state. Automobile and boat registration fees are a subset of this tax; however, most people are unaware that practically all personal property is also subject to personal property tax. Usually, household goods are exempt; but virtually all objects of value (including art) are covered, especially when regularly used or stored outside of the taxpayer's household.

States permit the creation of special assessment districts (typically for provision of water or removal of sewage, or for parks, public transit or schools) whose boundaries may be independent of other boundaries and whose income may be from one or more of service assessments, property taxes, parcel taxes, a portion of road or bridge tolls, or an additional increment upon sales taxes in addition to the non-tax fees for services provided (such as metered water). State government is financed mainly by a mix of sales and/or income taxes and to a lesser extent by corporate registration fees, certain excise taxes, and automobile license fees.

For more free legal information on Tax Law, please visit Free Legal Information.

In The News:

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CNBC

Do this now to avoid a tax surprise next spring
CNBC
Review your withholding now to make any necessary corrections and avoid a surprise tax bill in April. Unfamiliarity with credits, user error and failure to weigh state and local taxes may yield inaccurate results on the IRS's calculator. Consider your ...

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Forbes

How IRS Taxes Kill Plaintiff's $289M Monsanto Weedkiller Verdict
Forbes
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Lewiston Morning Tribune

Lewiston delays decision on forgone taxes
Lewiston Morning Tribune
The forgone taxes would be dedicated to fund the city's share of on- and off-site infrastructure improvements around the Warner Avenue property that contains Community Park and the future sites of the new Lewiston High School and the Lewis-Clark State ...


Fortune

Apple Has Appealed Taxes Nearly 500 Times Since 2004 | Fortune
Fortune
Apple has appealed its taxes in Santa Clara County in California nearly 500 times, according to a report. But it's not alone.
Apple fighting high property tax assessments in Santa Clara countyAppleInsider

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Forbes

Want To Cut The Taxes In Your Retirement Money? - Forbes
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Want more money when you retire? Figure out how tax-deferred investing can work for you.

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Longview News-Journal

Gregg County officials continue exchanges over taxes, revenue
Longview News-Journal
The Gregg County Commissioners Court proposed maintaining the tax rate Monday, and scheduled public hearings for the mornings of Aug. 27 and Sept. 4. The proposal passed by a 3-1 vote, but not before last week's banter between County Judge Bill ...


WOAI

IRS seeking nearly $500B in back taxes
WOAI
The IRS says so far, it's in the process of sending more than 360,000 names of individuals who owe $51,000 or more in delinquent taxes. The program, part of the Fixing America's Surface Transportation Act from 2015, requires the State Department to ...
IRS Withholding Calculator | Internal Revenue Service - IRS.govIRS.gov
Fixing America's Surface Transportation Act or the FAST Act - FHWA | Federal Highway AdministrationFederal Highway Administration - US Department of Transportation

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MyStatesman.com

Georgetown keeps tax rate flat, but property taxes to rise
MyStatesman.com
Despite keeping the same property tax rate, the typical homeowner would see a $57 increase in taxes because property values have risen by an average of 4.9 percent. There also would be a $4.80 per month increase in the base electricity rate for ...
Better Understand Your Property TaxesTAPinto.net

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Consumers turning more pessimistic about wages, stocks, home prices, taxes
MarketWatch
The median expectation that taxes will go up in the next year — just months into a tax cut — rose for the fifth straight month, to 2.2% after the series low of 1.5% in February. Relatedly, year-ahead expected growth in government debt increased from ...


Reuters

UPDATE 1-Argentina suspends cuts in soymeal, soyoil export taxes
Reuters
(Adds details of treasury ministry statement). BUENOS AIRES, Aug 14 (Reuters) - Argentina has suspended its program of gradually cutting soymeal and soyoil export taxes for six months, the treasury ministry said in a statement on Tuesday, part of the ...

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