Where Property Taxes Are Highest – And Lowest

Watch the video of ‘Where Property Taxes Are Highest – And Lowest’ on MoneyTalksNews.com.

The average American household pays $2,089 in property taxes every year, but the average New Jersey or Illinois household pays nearly twice as much, according to a recent analysis by WalletHub.

Residents of both states luck out on vehicle property taxes, however, as they’re among the 23 states that don’t have a vehicle property tax. (Residents of the other 27 states pay an average of $423 per year.)

Perhaps unsurprisingly, it pays to live in a “red state,” WalletHub reports. The analysis found that, based on how states voted in the 2012 presidential election, the average tax rank for primarily Republican states was about 10 points lower than the average for Democratic states.

Real estate property taxes

Highest:

1. New Jersey ($3,971)
2. Illinois ($3,939)
3. New Hampshire ($3,649)
4. Wisconsin ($3,398)
5. Texas ($3,327)

Lowest:

47. South Carolina ($984)
48. Delaware ($917)
49. Louisiana ($832)
50. Alabama ($752)
51. Hawaii ($482)

Vehicle property taxes

Highest:

1. Rhode Island ($1,133)
2. Virginia ($962)
3. Kansas ($905)
4. Mississippi ($743)
5. Connecticut ($630)

Lowest (no tax):

Alaska
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Louisiana
Maryland
New Jersey
New Mexico
New York
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Dakota
Tennessee
Texas
Vermont
Washington
Wisconsin

Other statewide taxes

Before you up and move, though, remember that the burden of any given statewide tax in any given state is relative to the state’s other statewide taxes.

For example, while New Hampshire has the third-highest real property tax rank in the country, it’s one of the three states in the country that does not have a statewide sales tax and does not allow municipalities to charge local sales taxes either, according to the Tax Foundation. (The other two are Delaware and Oregon.)

While Texas has the fifth-highest real property tax rank, it’s one of the seven states that do not have any income taxes, according to the Tax Foundation. (The others are Alaska, Florida, Nevada, South Dakota, Washington and Wyoming.)

How do you feel statewide taxes measure up in your state? Sound off below or on our Facebook page.

This article was originally published on MoneyTalksNews.com as ‘Where Property Taxes Are Highest – And Lowest’.

More from Money Talks News

Source Article from http://finance.yahoo.com/news/where-property-taxes-highest-lowest-194442896.html

This entry was posted in News & Info. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*