2017 Property Taxes By State

    Although Millennials Are Choosing To Rent vs. Buy, Those That Do Purchase a Home, Will Tangle With Property Taxes

    How Does Your State Rank:

    Property taxes, depending which state you live in, are insignificant to some and a drain on your income for others.  The average American household spends $2,149 (not in NJ) on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $402 Considering these figures and the debt-fueled environment to which we have grown so accustomed, it should come as no surprise that roughly $11.8 billion in property taxes go unpaid each year, the National Tax Lien Association has found.

    And though property taxes might appear to be a non-issue for the 37 percent of renter households, that couldn’t be further from the truth. We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.

    A recent survey by Wallet Hb ranks the best and worst states as it relates to property taxes:

    Hover over your state to see where it ranks (lower the better):

    Source: WalletHub

     

    Real-Estate Property Taxes by State

    Rank

    State

    Effective Real-Estate Tax Rate

    Annual Taxes on $179K Home*

    State Median Home Value

    Annual Taxes on Home Priced at State Median Value

    1 Hawaii 0.27% $487 $515,300 $1,406
    2 Alabama 0.43% $773 $125,500 $543
    3 Louisiana 0.49% $876 $144,100 $707
    4 Delaware 0.54% $959 $231,500 $1,243
    5 District of Columbia 0.56% $1,000 $475,800 $2,665
    6 South Carolina 0.57% $1,019 $139,900 $798
    7 West Virginia 0.58% $1,044 $103,800 $607
    8 Colorado 0.60% $1,073 $247,800 $1,489
    9 Wyoming 0.61% $1,097 $194,800 $1,196
    10 Arkansas 0.62% $1,111 $111,400 $693
    11 Utah 0.68% $1,218 $215,900 $1,472
    12 New Mexico 0.74% $1,324 $160,300 $1,188
    13 Tennessee 0.75% $1,335 $142,100 $1,062
    14 Idaho 0.76% $1,366 $162,900 $1,246
    15 Mississippi 0.79% $1,408 $103,100 $813
    16 Virginia 0.80% $1,420 $245,000 $1,948
    T-17 California 0.81% $1,438 $385,500 $3,104
    T-17 Arizona 0.81% $1,446 $167,500 $1,356
    T-19 Montana 0.85% $1,525 $193,500 $1,652
    T-19 Kentucky 0.85% $1,511 $123,200 $1,042
    T-19 North Carolina 0.85% $1,524 $154,900 $1,322
    T-19 Nevada 0.85% $1,523 $173,700 $1,481
    23 Indiana 0.87% $1,560 $124,200 $1,085
    24 Oklahoma 0.88% $1,569 $117,900 $1,036
    25 Georgia 0.94% $1,685 $148,100 $1,397
    26 Missouri 1.00% $1,790 $138,400 $1,387
    27 Florida 1.06% $1,894 $159,000 $1,686
    T-28 Oregon 1.08% $1,929 $237,300 $2,563
    T-28 Washington 1.08% $1,931 $259,500 $2,805
    30 Maryland 1.10% $1,956 $286,900 $3,142
    31 North Dakota 1.12% $2,000 $153,800 $1,722
    T-32 Alaska 1.18% $2,112 $250,000 $2,956
    T-32 Minnesota 1.18% $2,110 $186,200 $2,200
    34 Massachusetts 1.20% $2,139 $333,100 $3,989
    35 Maine 1.30% $2,321 $173,800 $2,259
    36 South Dakota 1.34% $2,389 $140,500 $1,879
    37 Kansas 1.40% $2,502 $132,000 $1,849
    38 Iowa 1.48% $2,649 $129,200 $1,916
    39 Pennsylvania 1.53% $2,725 $166,000 $2,533
    40 Ohio 1.56% $2,794 $129,900 $2,032
    41 New York 1.62% $2,899 $283,400 $4,600
    42 Rhode Island 1.63% $2,915 $238,000 $3,884
    43 Vermont 1.74% $3,116 $217,500 $3,795
    44 Michigan 1.78% $3,172 $122,400 $2,174
    45 Nebraska 1.85% $3,308 $133,200 $2,467
    46 Texas 1.90% $3,386 $136,000 $2,578
    47 Wisconsin 1.96% $3,499 $165,800 $3,248
    48 Connecticut 1.97% $3,517 $270,500 $5,327
    49 New Hampshire 2.15% $3,838 $237,300 $5,100
    50 Illinois 2.30% $4,105 $173,800 $3,995
    51 New Jersey 2.35% $4,189 $315,900 $7,410

    *$178,600 is the median home value in the U.S. as of 2015, the year of the most recent available data.
     

    Changes to Real Estate Tax Rates Over Time

    Rankings-2010---2015-Real-Estate-Tax_-States

    How do the red states measure up to the blue states as it relates to property taxes:

    Red vs. Blue States

    2017-Property-Taxes-by-State-Blue-vs-Red-Image

    So whether you rent or own, property taxes have an effect on your bottom line. New Theory is based in NJ as we feel this pain each and every day.

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