Tax time is here and Connecticut residents pay some of the highest state and local taxes in the country.
Connecticut comes in 46 out of 51 when it comes to tax rates by state, according to a study by WalletHub.com.
WalletHub puts the average annual income in the United States at $54,286 and the average home value at $178,600.
Using that data, Connecticut comes in 46th, with median annual state and local taxes at $7,361.
However, adjust for the median household in Connecticut, and the annual state and local taxes for the median household here are actually $10,155.
Compare that to Tennessee, where your state and local taxes for the median household in the state would be $3,566.
When adjusted for the cost of living, Connecticut ranks 50 out of 51, coming in ahead of last-place New York and ahead of Hawaii.
The states with the lowest overall tax rates (from low to high) are:
- New York
- Rhode Island
The study also finds that Connecticut residents pay almost 26.5 percent more than the United States average.
According to WalletHub, Connecticut also has some of the highest cigarette taxes.