Additional Coverage:
- 15 States in the U.S. With the Highest Property Taxes (wealthgang.com)
Purchasing a home is a significant investment, but the ongoing costs of homeownership-particularly property taxes-can add substantially to your yearly expenses. Property tax rates vary widely across the United States, and where you choose to live can have a major impact on your annual tax bill.
The following states are notable for having some of the highest property tax rates in the country. While the factors influencing these rates differ by state, the common outcome for homeowners is a larger portion of their household budget allocated to taxes. For prospective buyers or those comparing regional living costs, understanding these differences is crucial.
1. Illinois
- Average property tax rate: 1.825%
- Median home value: $289,000
2. New Jersey
- Average property tax rate: 1.773%
- Median home value: $542,000
3. Connecticut
- Average property tax rate: 1.485%
- Median home value: $460,000
4. Nebraska
- Average property tax rate: 1.435%
- Median home value: $290,000
5. Vermont
- Average property tax rate: 1.417%
- Median home value: $395,800
6. New Hampshire
- Average property tax rate: 1.413%
- Median home value: $499,000
7. Texas
- Average property tax rate: 1.356%
- Median home value: $349,000
8. Ohio
- Average property tax rate: 1.306%
- Median home value: $255,000
9. New York
- Average property tax rate: 1.263%
- Median home value: $522,000
10. Wisconsin
- Average property tax rate: 1.254%
- Median home value: $326,000
11. Iowa
- Average property tax rate: 1.235%
- Median home value: $241,000
12. Kansas
- Average property tax rate: 1.194%
- Median home value: $288,000
13. Pennsylvania
- Average property tax rate: 1.190%
- Median home value: $319,000
14. Michigan
- Average property tax rate: 1.148%
- Median home value: $267,000
15. Rhode Island
- Average property tax rate: 1.052%
- Median home value: $518,000
Before making a decision to buy or rent, it’s important to factor in these property tax rates alongside home values to get a clearer picture of your potential financial commitment. Understanding these figures can help you budget more effectively and choose a location that aligns with your financial goals.
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- 15 States in the U.S. With the Highest Property Taxes (wealthgang.com)