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The average American household spends $2,149 on property taxes for their homes each year, according to U.S. Census data. But depending on where you live, that can vary drastically.<\/p>\n\n
\nRead more<\/strong>: Questions to Ask About Property Tax<\/span><\/p>\n<\/blockquote>\n\n
For the third consecutive year, New Jersey ranks as having the highest property taxes in the nation, according to a new report released by WalletHub. Its effective tax rate of 2.35 percent means homeowners there pay about $7,410 annually on a $316,000 home, the median sales price in the state.<\/p>\n\n
On the other hand, Hawaii has the lowest property taxes in the nation. At just a 0.27 percent effective tax rate, annual taxes on a median price home in Hawaii at $515,300 comes to about $1,406 a year.<\/p>\n\n
WalletHub\u2019s research team culled Census data on real estate<\/a> property taxes in analyzing all 50 states and the District of Columbia. It divided the median annual property tax payment for the state by the state\u2019s median home price<\/a>.<\/p>\n\n
The five states with the lowest property taxes (based on the effective real estate<\/a> tax rate):<\/p>\n\n
- Hawaii<\/li>\n\t
- Alabama<\/li>\n\t
- Louisiana<\/li>\n\t
- Delaware<\/li>\n\t
- District of Columbia<\/li>\n<\/ol>
The five states with the highest property taxes (also based on the effective tax rate):<\/p>\n\n
- New Jersey<\/li>\n\t
- Illinois<\/li>\n\t
- New Hampshire<\/li>\n\t
- Connecticut<\/li>\n\t
- Wisconsin<\/li>\n<\/ol>
View the property tax ranking of your state.<\/p>\n\n\n\n\n\n
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Source: \u201c2017\u2019s Property Taxes by State,\u201d WalletHub (March 1, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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