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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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Editor’s note: This is a transcript of the audio file.
Holiday sales are off the charts this year – which means great savings for you! But, if you live in a state with high-sales tax, those savings quickly shrink. I’m Lisa Weinberger with your Bankrate.com Personal Finance Minute.
Does your city have a high sales tax rate? Every state has their own tax rates and depending on the city, some places you’ll pay as much as an extra 10 percent at the register.
Birmingham and Montgomery, Alabama top the list with the highest sales tax of 10-percent…followed by Long Beach and Los Angeles at 9.75 percent.
When planning out your holiday wish list, decide if traveling to another city or state to shop is worth the savings in taxes.
With Cyber Monday and Black Friday deals, shopping online may be an alternative to crowded stores – and of course, it could lower the amount of state sales tax, IF you get free shipping.
Some states have no sales tax; and certain necessities like food, clothing and shoes are exempt from sales tax in other states.
No matter where you live, city sales tax rates is just something we all have to pay. To learn more about tax rates, visit Bankrate.com. I’m Lisa Weinberger.
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