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State Taxation - Essay Example

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Personal income tax, sales and use tax and property tax are the major taxes that are charged by most of the states. On top of this, local counties and municipalities also charge their…
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State Taxation
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Download file to see previous pages Over this, many counties and municipalities levy their own taxes and that has been found to be as high as 9.9%.
Maryland has different slabs of personal Income Tax rates. For top of the bracket income (over $500,000) applicable tax rate is 5.5%. For the income below $150,000 per year, income tax rate is 5.0% and for the income in between $150,000 and $500,000 the income tax rate is 5.25%.
State does not charge property tax but counties of Maryland do charge property tax and the rate varies between 1.357$ and $ 5.67 per $100 of assessment. Most of the counties charge close to $2.1 per $100 property valuation (Maryland Taxes, 2012).
Pennsylvania levies a 6% state sales tax on goods and services providing exemption to the prescription drugs, clothing, residential heating fuels, textbooks and food items. Local counties such as Philadelphia and Allegheny charge additional 1% of the tax making it total 7%.
The state of Pennsylvania does not charge taxes on personal property or real estate; however, local municipalities do charge those taxes only on real estate, land or building. The tax is not charged on other kinds of properties such as cars or inventories (Powell, Albrecht).
A minimum sales tax charged in Florida is 6 percent. Besides, state permits each county to charge its own local tax that is applicable over and above state sales tax. Counties in Florida have been found to charge taxes between 6 and 7.5 percents.
Florida is costliest among all states on the property tax; however, homestead exemptions up to $50,000 can be availed by Florida residents. Homestead exemptions are available to homeowners who stay in the home as primary residence. Florida does not impose gift tax, inheritance tax or intangible personal property tax on the residents.
It is worth noting that while buying home in South Florida, closing cost is also a kind of expense that needs to be considered. ...Download file to see next pagesRead More
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