Real Estate Related

State Property & Sales Tax Climate: Connecticut

The Tax Foundation recently conducted a a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.

Connecticut finished 43rd in overall tax climate and it ranked in the individual tax categories as follows: 32 (corporate tax), 37 (individual income tax), 27 (sales tax), 21 (unemployment insurance tax), and 49 (property tax). Connecticut was also ranked 43rd in each of the three preceding years.

State Property & Sales Tax Climate: New Jersey

The Tax Foundation recently conducted a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.

New Jersey finished dead last in overall tax climate and it ranked in the individual tax categories as follows: 42 (corporate tax), 48 (individual income tax), 45 (sales tax), 25 (unemployment insurance tax), and 50 (property tax).

Which State Has The Best Tax Climate?

The Tax Foundation is an independent tax policy nonprofit organization that has studied and researched tax policy since 1937. It reviewed the 2017 tax climates in each of the fifty states and ranked them overall based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. In the near future, we will address the state tax climates of New York, New Jersey, and Connecticut.

The purpose of the Tax Foundation State Business Tax Climate Index is to enable business owners, policymakers, and taxpayers evaluate how their states’ tax systems compare to others. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.

Tax Implications of Reverse Mortgages

In the last fifteen years or so, television viewers, especially those watching late at night, have been inundated with commercials for reverse mortgages. A reverse mortgage allows a mortgagor, 62 or older, to continue living and retain title in the home; while receiving back his or her equity in the form of a monthly cash payment. The original home owner continues to pay for property insurance, taxes, and maintenance. If a home owner moves, sells, or dies, he or she (or his or her estate) must repay the loan.

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