U.S. property tax bills are a significant expense to take into account when relocating, especially because they vary considerably by region. States, counties, municipalities, and school districts calculate taxes differently and often charge disparate amounts for homes that are similar in size and value, according to Realtor.com.
New Jersey is home to the highest property tax rate in the nation at 2.47%, amounting to an annual bill of $8,797 for median-priced homes in the Garden State. By contrast, Hawaii has the lowest property tax rate in the U.S. (0.29%) despite having some of the highest for-sale price tags, equaling $1,893 annually for a home at the state’s median price of $662,100.
The five states with the lowest property tax rates are Hawaii, Alabama, Colorado, Nevada, and Louisiana, WalletHub’s report shows. The highest rates are typically in the Northeast, in New Jersey, Illinois, Connecticut, New Hampshire, and Vermont.
After New Jersey, the states with the highest overall price tag are Connecticut, New Hampshire, New York, and Massachusetts. The lowest annual costs, after Alabama, can be found in West Virginia, Arkansas, Louisiana, and South Carolina.
Advertisement
Related Stories
Housing Markets
Which US Cities Are Seeing the Most New-Construction Homes?
Texas metros top list of cities with high rates of new construction but not of cities with highest sales prices for new-construction homes
Housing Markets
5 Housing Markets That Would See a Huge Increase in Homeownership if Mortgage Rates Dropped
Spokane, Wash., would experience an 11.4% increase in affordability if rates dropped to 6%
Housing Markets
Spring Housing Markets: Which Markets Saw the Most Appreciation, and Which Saw the Least?
Florida metros saw the weakest appreciation of all housing markets in the US