Does Your State Have an Estate or Inheritance Tax? - Real Estate Investing Today
Does Your State Have an Estate or Inheritance Tax? - Real Estate Investing Today
Abstract
A recent report from the Tax Foundation says in 2022, there are 12 states (and DC) with an inheritance or estate tax – with one state, Maryland, having both. Hawaii and Washington State have the highest estate tax top rates in the nation at 20%. Massachusetts and Oregon have the lowest exemption levels at $1 million. Connecticut has the highest exemption level at $9.1 million. Hawaii and Oregon has the lowest tax rate. Connecticut has lowest exemption level. The highest tax rate at $8.2 million. The tax rate in the U.S. is $10.3 million to $2.5 million. “Estate taxes are paid by the decedent’s estate.
