States With the Best and Worst Property Taxes in 2017
American households spend an average of $ 2,149 on property taxes each year. Taking an average of another $ 400 in vehicle property tax for residents of the 27 states, and that’s a big difference. If you are looking to buy real estate, it may be helpful for you to find out which states are cheaper than others.
Prepared by property tax experts at WalletHub , this report uses current data from the United States Census Bureau to determine real estate tax rates and national car sales statistics to determine vehicle property tax rates. Here are the five cheapest states for real estate taxes:
- Hawaii: Property tax rate of 0.27%, or $ 1,406 per year in home taxes at an average price of $ 515,300.
- Alabama: Property tax rate of 0.43%, or $ 543 per year in home taxes at an average price of $ 125,500.
- Louisiana: Property tax rate of 0.49%, or $ 707 in annual home taxes at an average price of $ 144,100.
- Delaware: Property tax rate of 0.54%, or $ 1,243 in annual home taxes at an average price of $ 231,500.
- District of Columbia: Property tax rate of 0.56%, or $ 2,665 in annual home taxes at an average price of $ 475,800.
The most expensive states for real estate taxes include Wisconsin, Connecticut, New Hampshire, Illinois, and New Jersey. When it comes to states with vehicle property taxes, Louisiana, Montana, Michigan, California, and Alabama have the lowest rates. If you’re stuck in a state with high property taxes, you can appeal and save some money . You can see the full report at the link below.
Property Taxes by State in 2017 | WalletHub