Property taxes can be a large part of your housing budget, depending on where you live. In New Jersey, the state with the highest property tax rate, a home assessed at $300,000 would generate a $7,200 tax bill. Compare that to just $810 in Hawaii, the state with the lowest rate.
But home prices vary geographically, so while property taxes are lowest in Hawaii, the state’s median home price — at $538,400 in 2016 — is among the highest in the nation. (The median home price nationwide in 2016 was $184,700.) This week’s chart, drawn from data posted by WalletHub, the personal finance website, lists the five states with the highest property tax rates, and the five with the lowest, along with the median home value in each state for context.
Sorry renters, there’s no escape: Your landlord’s property taxes are almost certainly passed on to you in your rent.
Highest and Lowest State Property Tax Rates
By The New York Times
No copyright intended. This article is originally published at https://www.nytimes.com/2018/03/15/realestate/property-taxes.html By Michael Kolomatsky