(The Center Square) – Georgia ranks in the middle of the pack when it comes to tax rates but trails several neighboring states, a new analysis from WalletHub revealed.
“Georgia ranks among the top half of states with the lowest taxes,” WalletHub analyst Jill Gonzalez told The Center Square. “This is good news for its residents, as the median household pays about $6,000 annually on state and local taxes. However, things could be better, as the income tax in Georgia is among the top 10 highest in the country, taking 3% of the income of middle income earners.”
The Peach State ranked No. 21 overall, behind most neighboring states, including Florida (sixth), Tennessee (10th), South Carolina (14th) and Alabama (15th). It did edge out North Carolina (22nd).
Georgia ranked 26th for real estate taxes and 42nd for income tax.
WalletHub also released its 2022 tax survey. It revealed nearly three-quarters of Americans (72%) believe the government should have provided more tax relief amid the COVID-19 pandemic, while a similar number (66%) thinks their current tax rate is too high.
“Many people expect to pay this year’s taxes late due to the pandemic,” Gonzalez said. “Inflation and the spike in gas prices are other reasons that may cause financial problems that will have people struggling to pay their taxes.”
Georgia Gov. Brian Kemp, a Republican, said earlier this year he planned to refund $1.6 billion to Georgia taxpayers; a $250 refund to single tax filers and $500 for joint filers.
“I believe that when government takes in more money than it needs, surplus funds should be sent back to the hardworking men and women who keep our state moving forward,” Kemp said in prepared remarks to the Georgia Chamber of Commerce’s annual Eggs and Issues legislative event.
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