Retirees Beware: 6 States That Collect Over $9,000 in Taxes Every Year
Yahoo Finance·2026-02-19 14:01

Core Insights - New York City Mayor Zohran Mamdani has proposed a 9.9% property tax increase to address a budget shortfall, drawing attention to the overall state and local tax burdens across the country [2][5]. Tax Burden Analysis - New York has the highest tax burden in the U.S., with state and local tax collections per capita at $12,865, and property taxes in suburban areas often exceeding $15,000 annually [5]. - Massachusetts ranks 6th in absolute tax burden, taxing most retirement income, with property taxes in desirable areas often exceeding $10,000 annually. When adjusted for income, it ranks 15th [4]. - Connecticut has some of the highest property taxes and a progressive income tax rate of 6.99%, with average property taxes over $6,000 statewide. Adjusted for income, it ranks 12th [5][7]. - New Jersey combines high property taxes with a progressive income tax reaching 10.75%, with property bills in many counties exceeding $10,000 annually. Social Security is exempt, but withdrawals from retirement accounts are fully taxed [8].

Retirees Beware: 6 States That Collect Over $9,000 in Taxes Every Year - Reportify