Source: utah778 / Getty
STATEWIDE — WalletHub recently released their yearly report on states with the highest and lowest tax rates. Indiana ranked 32nd, meaning it trended toward having higher tax rates than most states.
The analysis took into account Real-Estate Tax, Vehicle Property Tax, Income Tax, and Sales Tax for its evaluation.
The study took into account both national and state medians for homes and car values as well as income and spending. When compared to the national median Indiana’s tax rate came out to 11.5% which would equal $8,691 collected annually in tax revenue. For comparison, Alaska ranked first in their national tax analysis with a 6.73% rate equaling $5,089 in revenue. Last place on the list went to the Hoosier state’s western neighbor in Illinois at a 16.51% rate and $12,479 in revenue.
When adjusted to only take into account the median values of those four factors at a state level, Indiana moves up six places to 26th in the country.
The study also analyzed tax rates on things like gas, which WalletHub says Indiana currently has the 4th highest gas tax in the country.
A survey was conducted alongside the analysis which found that 3 in 4 Americans are more worried about inflation than their taxes, 72% of Americans think their current tax rate is too high, and 39% of Americans think charities would make better use of their tax dollars than government or religious groups.
