Property Taxes Variation in the USA

March 1, 2018 Taxation in USA

property taxes in the USAWASHINGTON D.C. – Property taxes vary widely between each state in the USA, with a difference of almost USD 7 000 between the most expensive and cheapest state.

New information released in a report by WalletHub has ranked the property tax burdens faced by taxpayers across each state In the USA.

Based on the conclusions of the research the state with the cheapest effective real-estate tax rate in the country was Hawaii, followed by Alabama, and Louisiana, which had tax rates of 0.27 percent, 0.43 percent, and 0.51 percent respectively.

The highest rates were found in New Jersey, Illinois, and New Hampshire, with a rate of 2.40 percent, 2.32 percent, and 2.19 percent.

The rates were calculated based on the taxes which would be charged on a home with a value equal to USD 184 700, the median rate in the country.

However, if the taxes were evaluated based on the value of the median home in each state, the lowest tax burdens would be in Alabama, West Virginia, and Arkansas, with tax total of USD 550, USD 629, and USD 721.

The highest tax burden, if evaluated based on state-specific house prices, would be in New Jersey, Connecticut, and New Hampshire, with burdens of USD 7 601, USD 5 443, and USD 5 241.