5. Columbus, Ohio
Taxes for family of three earning $25,000: $2,953
Taxes for family of three earning $150,000: $22,333
Some rankings show Columbus to be business-friendly – MarketWatch ranked Columbus and its metro area as the No. 7 best place in the country to operate a business in 2008 and in 2012 Forbes Magazine ranked the city as the best city for working moms. fDi Magazine (a partnership with Financial Times) ranks the city as No. 3 for "Cities of the Future", and No. 4 for most business-friendly.
But the city is not so tax-friendly. The overall tax burdens for households with higher earnings were ranked with the highest of all cities surveyed. The city has aggressively high property taxes. The rate is 3.57%, the highest of any city on the Office of Revenue Analysis’s list.
4. Baltimore, Md.
Tax burden for a family of three earning $25,000: $2,950
Tax burden for a family of three earning $150,000: $24,747
Like Columbus, Baltimore's property tax burden is onerous — $13,772 for a household earning $150,000. They also paid more than 5% of their income to state and local income taxes.
3. Milwaukee, Wisc.
Tax burden for a family of three earning $25,000: $3,245
Tax burden for a family of three earning $150,000: $26,296
Property taxes are the killer in Brew City. The city also squeezes residents with a high progressive state income tax on top of that. Governor Scott Walker has been trying to lower state and property taxes when not fighting off recall movements.
2. Philadelphia, Pa.
Tax burden for a family of three earning $25,000: $3,794
Tax burden for a family of three earning $150,000: $25,317
The rich and the poor in the City of Brotherly love get hit by the tax man. A household with $25,000 income paid $788 in income taxes alone. A $100,000 household paid $11,806 in property taxes. The city in 2012 launched a new tax valuation system and valuations went haywire.
And the housing market with the heaviest tax burden is...
1. Bridgeport, Conn.
Tax burden for a family of three earning $25,000: $4,001
Tax burden for a family of three earning $150,000: $33,208
Almost one in every four dollars earned by the residents in Bridgeport is taken from households earning more than $100,000 a year. It’s driven almost wholly by property taxes, but given the number of households in the housing market earning more than twice that, it’s not as bad as it sounds. A state income tax of 5.2% kicks in for households earning more than $150,000 a year as well.
Click below for the 5 best housing markets with the lowest tax burden.