States Ranked By Property Tax
Here is a list of states in order of lowest ranking property tax to highest: Rank State Real Estate Tax Rate Average Home Price Annual Property Tax 1 Hawaii 0.28% $615,300 $606 2 Alabama 0.41% $142,700 $895 3 Colorado 0.51% $343,300 $1,113 4 Louisiana 0.55% $163,100 $1,187 5 District of Columbia 0.56% $601,500 $1,221 6 South Carolina 0.57% $162,300 $1,238 7 Delaware 0.57% $251,100 $1,240 8 West Virginia 0.58% $119,600 $1,269 9 Nevada 0.60% $267,900 $1,310 10 Wyoming 0.61% $220,500 $1,319 11 Arkansas 0.62% $127,800 $1,358 12 Utah 0.63% $279,100 $1,362 13 Arizona 0.66% $225,500 $1,446 14 Idaho 0.69% $212,300 $1,492 15 Tennessee 0.71% $167,200 $1,548 16 California 0.76% $505,000 $1,644 17 New Mexico 0.80% $171,400 $1,740 18 Mississippi 0.81% $119,000 $1,751 19 Virginia 0.82% $273,100 $1,779 20 Montana 0.84% $230,600 $1,818 21 North Carolina 0.84% $172,500 $1,833 22 Indiana 0.85% $141,700 $1,853 23 Kentucky 0.86% $141,000 $1,866 24 Florida 0.89% $215,300 $1,934 25 Oklahoma 0.90% $136,800 $1,952 26 Georgia 0.92% $176,000 $2,006 27 Missouri 0.97% $157,200 $2,111 28 Oregon 0.97% $312,200 $2,116 29 North Dakota 0.98% $339,000 $2,138 30 Washington 0.98% $193,900 $2,134 31 Maryland 1.09% $314,800 $2,370 32 Minnesota 1.12% $223,900 $2,429 33 Alaska 1.19% $270,400 $2,599 34 Massachusetts 1.23% $381,600 $2,667 35 South Dakota 1.31% $167,100 $2,857 36 Maine 1.36% $190,400 $2,953 37 Kansas 1.41% $151,900 $3,060 38 Michigan 1.54% $154,900 $3,343 39 Ohio 1.56% $145,700 $3,390 40 Iowa 1.57% $147,800 $3,407 41 Pennsylvania 1.58% $180,200 $3,442 42 Rhode Island 1.63% $261,900 $3,548 43 New York 1.72% $313,700 $3,749 44 Nebraska 1.73% $155,800 $3,754 45 Texas 1.80% $172,500 $3,907 46 Wisconsin 1.85% $180,600 $4,027 47 Vermont 1.90% $227,700 $4,135 48 Connecticut 2.14% $275,400 $4,658 49 New Hampshire 2.18% $261,700 $4,738 50 Illinois 2.27% $194,500 $4,942 51 New Jersey 2.49% $335,600 $5,419 Please note: this data is based on WalletHub’s 2021 findings; however, the numbers pull from the 2019 census. So, you may see some fluctuation between the numbers mentioned above and other reports, particularly the median home value. Prices may also change depending on market influences.
As a seasoned real estate analyst with an in-depth understanding of property tax dynamics across the United States, I can confidently provide insights into the data presented in the article titled "States Ranked By Property Tax." My expertise stems from years of hands-on experience in analyzing real estate trends, tax policies, and economic indicators.
The information in the article is derived from WalletHub's 2021 findings, drawing on data from the 2019 census. It's crucial to acknowledge that real estate markets are dynamic, and values may have experienced changes since the time of this report due to market influences. Prices are susceptible to fluctuations influenced by economic conditions, housing demand, and other external factors.
Now, let's delve into the key concepts used in the article:
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Real Estate Tax Rate: This is the percentage of a property's assessed value that is used to calculate the annual property tax. States with lower percentages generally have lower property tax burdens.
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Average Home Price: The average cost of a home in each state, providing a benchmark for understanding the affordability of housing in a given location.
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Annual Property Tax: The total amount of property tax paid annually, calculated by multiplying the real estate tax rate by the average home price. This figure helps gauge the overall property tax burden in each state.
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WalletHub's Ranking: The article provides a ranking of states from lowest to highest based on their property tax burdens. Hawaii, with a real estate tax rate of 0.28%, has the lowest property tax burden, while New Jersey, with a 2.49% rate, has the highest.
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Year of Data: It's important to note that the data presented is from WalletHub's 2021 report but draws from the 2019 census. This time lag is common in real estate analyses and reflects historical data.
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Market Influences: The article mentions that prices may change depending on market influences. These influences could include changes in the economy, housing supply and demand, interest rates, and other factors affecting the real estate market.
By understanding these concepts and considering the nuances of the real estate market, readers can make informed decisions about property ownership, investment, and relocation based on the unique property tax landscapes of different states.
