Arkansas has some of the highest sales taxes in the country. The statewide rate is 6.5%. However, along with that state rate, counties and cities collect their own sales taxes. These can total up to 5.125%, which means the total sales tax rates in some areas is as high as 11.625%.
Is Arkansas a tax friendly state?
According to the Tax Foundation, Arkansas has the third-highest average combined state and local sales tax rate in the nation. But, overall, Arkansas is a very tax-friendly state for retirees. For more information, see the Arkansas State Tax Guide for Retirees.
Are Arkansas property taxes high?
Property taxes in Arkansas are generally lower than in most other states. The statewide average effective property tax rate is just 0.61%, 12th-lowest in the U.S.
What 3 states have the highest income tax?
The top 10 highest income tax states (or legal jurisdictions) for 2020 are:
- California 13.3%
- Hawaii 11%
- New Jersey 10.75%
- Oregon 9.9%
- Minnesota 9.85%
- District of Columbia 8.95%
- New York 8.82%
- Vermont 8.75%
Is Arkansas a good state to retire in?
Arkansas is a relatively tax-friendly state for retirees. Social Security is totally exempt from the state’s income tax. Arkansas also offers seniors a deduction of $6,000 for other types of retirement income like from pensions or an IRA.
Is Arkansas a good place to live?
Arkansas is a good place to live especially if you prefer to live close to the vast American wilderness. Given the natural beauty of the state and that the cost of living is low across most of the state; there are scores of great areas to live in Arkansas.
What is tax free in Arkansas?
It includes back-to-school supplies, clothing & electronics. That means school supplies and school art supplies will be exempt from state and local state taxes. … This year electronic devices like laptops, keyboards, and cellphones will also be included.
How much does taxes take out of your check in Arkansas?
Overview of Arkansas Taxes
|FICA and State Insurance Taxes||7.80%||$246|