Are you constantly shocked by your property tax bill, or are you considering moving to another state and trying to gauge the fiscal landscape? What might your tax bill look like in these states in 2024?
1. New Jersey
New Jersey holds the dubious honor of the highest property taxes in the U.S., with the average homeowner paying around 2.49% of their home value annually, translating to several thousands in taxes each year.
2. Illinois
Plagued by financial challenges, Illinois sees an average property tax rate of 2.27%. This rate can result in significant annual expenses, especially in affluent areas around Chicago.
3. New Hampshire
Known for no state income tax, New Hampshire makes up for it with property taxes. The average rate hovers around 2.18%, leading to high out-of-pocket costs for property owners.
4. Connecticut
With some of the highest property values in the country, Connecticut’s property taxes average about 2.14%. This combo hits homeowners hard in their bank accounts.
5. Wisconsin
Wisconsin’s average property tax rate is around 1.76%. This might not seem as high, but paired with home values, it can still put a dent in your finances.
6. Texas
Texas might offer no state income tax, but its average property tax rate of 1.80% compensates for that, significantly impacting homeowner expenses, especially in urban areas like Austin and Dallas.
7. Nebraska
Homeowners in Nebraska face an average property tax rate of 1.73%, which places it among the top states for property tax expenses, a tough pill for many in the Cornhusker State.
8. Vermont
Despite its small size, Vermont has an average property tax rate of 1.90%, which, combined with rural infrastructure costs, can escalate living expenses unexpectedly.
9. Michigan
In Michigan, the average property tax rate stands at 1.54%. This rate can lead to particularly high bills in areas with higher home values.
10. Rhode Island
Rhode Island may be tiny, but its property tax rate of about 1.63% packs a punch, especially given the high property values in certain coastal areas.
11. Ohio
With an average property tax rate of 1.56%, Ohio sees a wide variance in what homeowners end up paying, with some counties approaching rates much higher than the state average.
12. Pennsylvania
Property taxes in Pennsylvania average about 1.50%. In urban centers like Philadelphia, these rates combined with high property values can be quite burdensome.
13. New York
New York’s average rate of 1.72% is steep, but in areas around New York City, rates can soar much higher, driving up living costs dramatically.
14. Iowa
Iowa’s property tax rate averages at about 1.53%. This rate is felt particularly in larger urban areas like Des Moines, where city services push tax bills higher.
15. Massachusetts
Massachusetts homeowners face an average property tax rate of 1.23%. High home values in the Boston area mean these taxes can quickly add up to a large annual expense.
16. Kansas
Kansas has an average property tax rate of 1.41%. In populous counties, higher valuations mean that residents often face steep tax bills.
17. Minnesota
In Minnesota, the average property tax rate of 1.12% is moderate but can feel higher due to the state’s relatively high property values and additional local levies.
18. Washington State
Washington State’s average property tax rate of about 1.01% might seem lower, but in high-demand areas like Seattle, property values push actual tax payments quite high.
Take a Deep Breath
While these rates might give you sticker shock, understanding the average property tax rates can help you budget better or choose wisely where to buy your next home. Knowledge is power—and in this case, it might also mean savings!
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.
