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This state offers the most bang for your buck

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The best and worst values

$100 equals $100…true or false?

Not so if you're spending it in different states, according to a new report from the Tax Foundation using data from the Bureau of Economic Analysis.

The non-profit organization adjusted the value of $100 in the 50 states and Washington, D.C., to account for the varying price of goods in different areas. Because of higher price tags for the same goods, this $100 buys fewer goods in expensive states than in states where items cost less.

"Regional price differences are strikingly large and have serious policy implications. The same amount of dollars are worth almost 40 percent more in Mississippi than in D.C., and the differences become even larger if metro area prices are considered instead of statewide averages," the foundation noted.

The data's tax-policy consequences are especially important since taxes are based on nominal income, rather than adjusted purchasing power, it added. This means that a state's residents could be footing higher tax bills despite having lower purchasing power, essentially suffering a one-two punch.

Click ahead to see the five priciest and five least expensive spots to live.

—By CNBC's Katie Little.

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