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

    1Hawaii0.27%$487$515,300$1,406
    2Alabama0.43%$773$125,500$543
    3Louisiana0.49%$876$144,100$707
    4Delaware0.54%$959$231,500$1,243
    5District of Columbia0.56%$1,000$475,800$2,665
    6South Carolina0.57%$1,019$139,900$798
    7West Virginia0.58%$1,044$103,800$607
    8Colorado0.60%$1,073$247,800$1,489
    9Wyoming0.61%$1,097$194,800$1,196
    10Arkansas0.62%$1,111$111,400$693
    11Utah0.68%$1,218$215,900$1,472
    12New Mexico0.74%$1,324$160,300$1,188
    13Tennessee0.75%$1,335$142,100$1,062
    14Idaho0.76%$1,366$162,900$1,246
    15Mississippi0.79%$1,408$103,100$813
    16Virginia0.80%$1,420$245,000$1,948
    T-17California0.81%$1,438$385,500$3,104
    T-17Arizona0.81%$1,446$167,500$1,356
    T-19Montana0.85%$1,525$193,500$1,652
    T-19Kentucky0.85%$1,511$123,200$1,042
    T-19North Carolina0.85%$1,524$154,900$1,322
    T-19Nevada0.85%$1,523$173,700$1,481
    23Indiana0.87%$1,560$124,200$1,085
    24Oklahoma0.88%$1,569$117,900$1,036
    25Georgia0.94%$1,685$148,100$1,397
    26Missouri1.00%$1,790$138,400$1,387
    27Florida1.06%$1,894$159,000$1,686
    T-28Oregon1.08%$1,929$237,300$2,563
    T-28Washington1.08%$1,931$259,500$2,805
    30Maryland1.10%$1,956$286,900$3,142
    31North Dakota1.12%$2,000$153,800$1,722
    T-32Alaska1.18%$2,112$250,000$2,956
    T-32Minnesota1.18%$2,110$186,200$2,200
    34Massachusetts1.20%$2,139$333,100$3,989
    35Maine1.30%$2,321$173,800$2,259
    36South Dakota1.34%$2,389$140,500$1,879
    37Kansas1.40%$2,502$132,000$1,849
    38Iowa1.48%$2,649$129,200$1,916
    39Pennsylvania1.53%$2,725$166,000$2,533
    40Ohio1.56%$2,794$129,900$2,032
    41New York1.62%$2,899$283,400$4,600
    42Rhode Island1.63%$2,915$238,000$3,884
    43Vermont1.74%$3,116$217,500$3,795
    44Michigan1.78%$3,172$122,400$2,174
    45Nebraska1.85%$3,308$133,200$2,467
    46Texas1.90%$3,386$136,000$2,578
    47Wisconsin1.96%$3,499$165,800$3,248
    48Connecticut1.97%$3,517$270,500$5,327
    49New Hampshire2.15%$3,838$237,300$5,100
    50Illinois2.30%$4,105$173,800$3,995
    51New Jersey2.35%$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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