BALTIMORE — More people as of late are moving to locations that will keep costs low.
One big factor in those decisions are tax rates.
According to a newly released study from ChamberOfCommerce.org, Baltimore currently has the fourth highest estimated tax percentage.
Researchers found that a family of three in Baltimore earning $75,000 per year, pays an estimated tax percentage of 14.1 percent which equates to $10,605 annually.
That sum only accounts for estimated state and local income, property, sales, and auto taxes, and does not even include federal income taxes.
In comparison, other U.S. cities similar in size to Baltimore have an average yearly tax percentage of 9.1 percent which comes out to about $6,825 per year.
If you put that into perspective, most low-income households end up paying a higher tax rate percentage than higher earning families.
Currently, nine states—including Texas and Florida—charge no individual state income tax, while five states have no sales taxes.
The full report can be read here.
