U.S. property tax bills are a significant expense to take into account when relocating, especially because they vary considerably by region. States, counties, municipalities, and school districts calculate taxes differently and often charge disparate amounts for homes that are similar in size and value, according to Realtor.com.
New Jersey is home to the highest property tax rate in the nation at 2.47%, amounting to an annual bill of $8,797 for median-priced homes in the Garden State. By contrast, Hawaii has the lowest property tax rate in the U.S. (0.29%) despite having some of the highest for-sale price tags, equaling $1,893 annually for a home at the state’s median price of $662,100.
The five states with the lowest property tax rates are Hawaii, Alabama, Colorado, Nevada, and Louisiana, WalletHub’s report shows. The highest rates are typically in the Northeast, in New Jersey, Illinois, Connecticut, New Hampshire, and Vermont.
After New Jersey, the states with the highest overall price tag are Connecticut, New Hampshire, New York, and Massachusetts. The lowest annual costs, after Alabama, can be found in West Virginia, Arkansas, Louisiana, and South Carolina.
Related Stories
Affordability
Free Housing Expo Offers Assistance to First-Time Buyers and Renters in NYC
An affordable housing expo on June 10 aims to educate buyers and renters about opportunities for housing assistance in New York City
Market Data + Trends
A Tale of Two Extremes: NYC For-Sale Market Stalls While Rental Market Booms
As housing costs reach new highs, New York City buyers are flooding an already supercharged rental market
Housing Markets
Buying a Home Is Cheaper Than Renting One in Just Four Major Cities
Only four U.S. metros offer homes with monthly mortgage payments beneath regional rental costs