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Jun 21, 2022 · Of the six states with inheritance taxes, Nebraska has the highest top rate at 18 percent. Maryland—which also has an estate tax—imposes the lowest top rate at 10 percent. All six states exempt spouses, and some fully or partially exempt immediate relatives.
- States That Don't Have Estate Or Inheritance Taxes
- States with Estate Taxes, Inheritances Taxes, Or Both
- Connecticut Estate Taxes
- Hawaii Estate Taxes
The following states don't have estate or inheritance taxes: 1. Alabama 2. Alaska 3. Arizona 4. Arkansas 5. California 6. Colorado 7. Delaware 8. Florida 9. Georgia 10. Idaho 11. Indiana 12. Kansas 13. Louisiana 14. Michigan 15. Mississippi 16. Missouri 17. Montana 18. Nevada 19. New Hampshire 20. New Mexico 21. North Carolina 22. North Dakota 23. ...
Now let's look at the states with estate taxes, inheritance taxes, or both. Note that not all states have released their 2023 tax rates yet. We've included the most recent estate and inheritance tax rates that are currently available for each state.
Connecticut has a flat-rate estate tax of 12% with an $11.4 million annual exclusionas of 2023. The total tax that any estate must pay is capped at $15 million.
Hawaii has an estate tax on estates worth more than $5.49 million. Estate tax rates range from 10% to 20%. Here are the Hawaii estate tax rates:
Mar 9, 2022 · Eleven states have only an estate tax: Connecticut, Hawaii, Illinois, Maine, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont and Washington. The District of Columbia does, as well. Estate taxes are levied on the value of a decedent’s assets after debts have been paid.
Nov 14, 2022 · Six states collect a state inheritance tax as of 2022, and one of them—Maryland—collects an estate tax as well. The chart below shows the 2022 estate taxes for 12 states and the District of Columbia, as well as the exemption amount.
- Julie Garber
Quick Article Guide. Here’s what we'll cover in this post: What’s the Difference Between Estate Tax and Inheritance Tax? Does My State Have an Estate Tax? Connecticut Estate Tax Exemptions and Rates. District of Columbia Estate Tax Exemptions and Rates. Hawaii Estate Tax Exemptions and Rates. Illinois Estate Tax Exemptions and Rates.
- Managing Partner And Co-Founder
Feb 6, 2022 · For 2022, the federal estate tax exemption is $12,060,000 and the top federal estate tax rate is 40%. But don’t forget estate tax that is assessed at the state level. There are actually twelve states (along with the District of Columbia) that levy an estate tax, and most have exemption amounts that are lower than the federal amount.
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Oct 10, 2023 · Two states, Connecticut and Vermont, have flat estate taxes with a single tax rate. Hawaii and Washington have the highest top rates in the nation at 20 percent. Eight states and the District of Columbia are next with a top rate of 16 percent.
