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Taxes in Utah
- Income Tax: Utah has income, property, sales and other taxes. The sales tax is 6.10%. The total tax rate is 7.10%.
- Retirement: Utah is considered good for retirees with culture and nature options.
- Tax Burden Ranking: Wyoming has the lowest burden at 4% of income for an average family. Nevada’s is 4.7% of income. Alaska has the highest burden.
Property and Income Taxes
- Property Tax: Utah’s property tax rate is 0.58%, 11th lowest nationally.
- Income Tax Rate: Utah’s flat personal income tax rate is 4.95%.
- Well-Being: Utah residents have a high level of well-being. Salt Lake City is very friendly. Utah residents are generous.
Utah’s Unique Tax System
- State Tax System: Utah’s tax system is unique with its 4.85% flat individual and corporate income tax rate.
- Tax Comparison: This balances out other states’ tiered systems with similar burdens. The Tax Foundation estimates Alaska residents pay the highest total tax burden.
Cost of Living and Business Environment
- Cost of Living: Average cost of living in Utah is between $40,000-$60,000 to live comfortably.
- Business Environment: Utah is best for new businesses due to workforce.
Taxes for Retirement in Utah
- Retirement Taxes: Utah is moderately tax-friendly for retirees. But property and sales taxes are fairly low.
- City Details: Highland City has a median income 103% above the national median. Utah’s sales tax can reach 8.7% in cities, but no personal income tax.
