Wednesday, Jun 28, 2017
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Economy

Ohio ranks 7th highest for tax rates in nation

The median Ohio household pays $5,947 in annual state and local taxes, or an overall effective tax rate of 13.06 percent — the seventh-highest in the nation, according to a new report from WalletHub, a personal finance website.

WalletHub combined several state and local taxes — including sales taxes, property taxes, and income taxes — to create an overall effective tax rate for median households in each state.

By comparison, Illinois had the highest state and local tax rate 14.76 percent, or $8,162 a year, according to the report. Alaska had the lowest overall effective tax rate at 5.64 percent, or $3,060 annually for median households.

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