While we don’t think of Ohio as being a particularly high-cost state, a new study shows that Ohio taxes are actually quit high.
For Ohioans, tax time can’t go away quickly enough. Unfortunately, a new report out by WalletHub shows that Ohio taxes are currently the 7th highest in the country.
What’s Going on in Ohio?
The study compares the average tax burden on Ohio residents compared to the rest of the country. At 7th, this puts Ohio squarely in the company of other high-tax states such as New Jersey.
In terms of the overall rank, when looking at the effective tax rate in Ohio, the state comes in 45th. However, when looking at real dollars, the median household in Ohio pays the 7th highest taxes in the country: $7,300.
Here’s a breakdown of where Ohio taxes fell in various categories:
- 45: Overall effective state and local tax rate
- 38: State Income tax
- 40: Real estate tax
- 1: Vehicle property tax
- 33: Sales and excise taxes
It just goes to show you that cost of living, as well as location matters. The states with the overall highest tax burdens were more familiar territory.
- New York
- Rhode Island
And the lowest?
Of course, taxes are subjective to location. Which is why City vs City calculates cost of living at the zip code level. Using our proprietary algorithm, City vs City determines the true cost of living in your city.
If Ohio taxes are too high, it may be time to head to Montana, Wyoming, or elsewhere. City vs City can compare your current city’s cost of living with another of your choosing. We examine after-tax income, housing expenses, state and local taxes, and more.
As a result, City vs City shows you a side by side comparison cost breakdown and you’ll know which city can offer you more bang for your buck! Download the City vs City app today and start comparing!