Which State in USA collects less amount of tax for houses?
Answer (1)
Student Expert
30th Jul, 2019
Hello Rajaram,
ALASKA,
Largely because Alaska levies no sales or income tax, the state has the lowest tax burden as a share of income per capita of any state. Because the state has fewer revenue streams, a larger than typical share of Alaska’s budget funding comes from property taxes and corporate income tax. Some 57.2% of state and local revenue came from property taxes in fiscal 2015, and 8.8% came from corporate income tax, respectively, the second and third largest shares among states.
A low tax burden on residents does not mean the state has limited revenue. Alaska has one of the largest proved oil reserves of any state and levies a 35% tax on all oil and gas produced in the state. This contributed to Alaska’s high total revenue per capita of $10,418 in fiscal 2016, the second highest population-adjusted revenue figure of any state.
ALASKA,
- Taxes paid as pct. of income: 6.5%
- Income per capita: $55,646 (8th highest)
- State income tax collections per capita: None
- Property tax collections per capita: $2,001 (11th highest)
- General sales tax collections per capita: None
Largely because Alaska levies no sales or income tax, the state has the lowest tax burden as a share of income per capita of any state. Because the state has fewer revenue streams, a larger than typical share of Alaska’s budget funding comes from property taxes and corporate income tax. Some 57.2% of state and local revenue came from property taxes in fiscal 2015, and 8.8% came from corporate income tax, respectively, the second and third largest shares among states.
A low tax burden on residents does not mean the state has limited revenue. Alaska has one of the largest proved oil reserves of any state and levies a 35% tax on all oil and gas produced in the state. This contributed to Alaska’s high total revenue per capita of $10,418 in fiscal 2016, the second highest population-adjusted revenue figure of any state.
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