(COLIN HAFFNER/Chewelah Independent)
Study done by SmartAsset says Ferry has lowest rate in state…
Stevens County has the sixth lowest tax burden in the state according to the 5th annual study from SmartAsset, a financial technology company that aims to provide personal financial advice.
The study looked at the impact various taxes have on a persons finances in each county across the state to see which counties had the lowest burden of tax rates. Included in the study and methodology were income, sales, property, and gas taxes, using specific calculations for each to determine the tax impact on an individual in each county.
For example, SmartAsset noted on their results page that, “In order to determine sales tax burden we estimated that 35% of take-home (after-tax) pay is spent on taxable goods. We multiplied the average sales tax rate for a county by the household income less income tax. This product is then multiplied by 35% to estimate the sales tax paid.”
SmartAsset listed each methodology on their website, www.smartasset.com, when explaining the results that included an interactive map for each county in the state.
Stevens County came in with the sixth lowest overall tax burden, third lowest sales tax impact, fifth lowest poperty tax impact, and ninth lowest gas tax impact in Washington State.
SmartAsset also compared the tax burden in each individual county with those across the country, using a 100.0 index to indicate the lowest burden nationally. The higher the score on the index, the lower the burden.
According to this ranking, Stevens County scored 78.56 on the index, translating to a national rank of 466.
The top three counties in the state according to the study were neighboring counties Ferry, first, Lincoln, second, and Pend Oreille, third.