NEW MEXICO(KRQE) –A recent WalletHub study ranked all 50 states, along with the District of Columbia, based on their property taxes. New Mexico ranked No. 18 with an effective real estate tax rate of 0.80%.
The study ranked states based on which states have the most and least property tax load; a factor that is often taken into consideration when deciding where to live. WalletHub also compared states based on annual taxes on a $244,900 home, state median home value, and annual taxes on a home priced at state median home value.
New Mexico is tied with North Carolina in spot 18. It is bordered by Mississippi in spot 17 and Virginia in spot 20. Hawaii ranked the lowest due in taxes with an effective real estate tax rate of 0.29% and $700 due annually on a $244,900 home. New Jersey ranked the highest due in taxes with an effective real estate tax rate of 2.47% and $6,057 due annually on a $244,900 home.
Source: WalletHub
According to WalletHub, “the average American household spends $2,690 on property taxes for their homes each year.” The 26 states that also have vehicle property taxes spend another $444 on average on top of their real estate taxes. Luckily, New Mexicans do not owe vehicle property taxes as registered motor vehicles are exempt from this extra taxation.
States with the lowest real estate property tax rates
- Hawaii – 0.29% tax rate
- Alabama – 0.41% tax rate
- Colorado – 0.51% tax rate
- Nevada – 0.55% tax rate
- Louisiana – 0.56% tax rate
- South Carolina – 0.56% tax rate
- District of Columbia – 0.57% tax rate
- Delaware/Utah – 0.58% tax rate
- Delaware/Utah – 0.58% tax rate
- West Virginia – 0.59% tax rate
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