10 States In The United States With The Highest Property Taxes

(Last Updated On: June 10, 2017)

If you plan to own any home, be prepared to pay property taxes. They are based on the value of the home as determined by a formula. The value assessment of a home is then multiplied by the local tax rate to get the property tax amount owed by the homeowner.

Different states have different rates when it comes to property taxes but one fact is that they account for around one third of all state and local tax collections. American households spend an averageg of $2,150 every year on property taxes for their homes.

10. Rhode Island

Effective real estate tax rate: 1.63%

This is Ameirca’s smallest state but has some of the highest property tax bills. The median home value is around $238,000 and you will have to pay $3,884 in taxes.

 

9. Vermont

Effective real estate tax rate: 1.74%

The median home value in this state is around $217,500 which will give you a bill of around $3,795. The best part about this state is the lack of vehicle property taxes.

 

8. Michigan

Effective real estate tax rate: 1.78%

The median home value in this state is $122,400 which will bring your property tax bill to around $2,174.

 

7. Nebraska

Effective real estate tax rate: 1.85%

The state’s median home value is $133,200 hence the property tax rates are around $2,467. This is where stock market business mogul lives.

 

6. Texas

Effective real estate tax rate: 1.90%

The median home value is lower than the national average at around $136,000 and the resulting tax bill stands at $2,570.





 

5. Wisconsin

Effective real estate tax rate: 1.96%

The state’s median home value stand at around $165,000 and this brings in a tax bill of around $3,248.

 

4. Connecticut

Effective real estate tax rate: 1.97%

The median home value in this state is much higher than the national average standing at around $270,000 and the tax bill stands at around $5,300.

 

3. New Hampshire

Effective real estate tax rate: 2.15%

The small state has a median home value of $237,000. The resulting tax bill should be around $5,100.

 

2. Illinois

Effective real estate rax rate: 2.30%

The state’s median home value is around $173,000 and the resulting tax bill should be around $4,000.

 

1.. New Jersey

Effective real estate tax rate: 2.35%

This ranks as the state with the highest real estate property taxes. The median home value is around $315,900 which should bring the total tax bill to around $7,400.