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States With Highest Property Taxes For Homeowners

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This BLOG On States With Highest Property Taxes For Homeowners Was PUBLISHED On February 9th, 2019

Many home buyers thinking of relocating to another state often wonder what are the states with higher property taxes.

  • Many homeowners who have remote jobs or have their children off to college often think of relocating
  • One of the many reasons they consider relocating to another state is due to high property taxes
  • Illinois is a perfect example
  • Illinois is one of the states with highest property taxes
  • Many homeowners in Illinois are listing their homes and thinking of moving to neighboring Indiana

This is mainly due to lower Indiana property taxes.

Top 10 States With Highest Property Taxes

Right hand rule is average property taxes on a single family home should average 2% of the home’s value.

  • However, states with higher property values, this percentage can add up to consumer’s housing expenses
  • Some states have property tax increases every year

Home buyers should think about the average property taxes in the state they plan on relocating.

Here are the top states with highest Property Taxes:

  • New Jersey
  • Connecticut
  • New Hampshire
  • New York
  • Massachusetts
  • Illinois
  • Rhode Island
  • Vermont
  • Wisconsin
  • California

California Home Values Versus Property Taxes

The state of California has one of the highest home values in the country.

  • Average home prices in California is $539,800
  • This value is double the home value of other states in the U.S.
  • The state has the second most priciest homes than any other state with the median value of $539,800
  • Median real estate taxes of homeowners is $3,237 which turns out to be 0.813%
  • The tax percentage versus property taxes makes California one of the lowest taxed states

However, due to the high real estate value, homeowners pay a lot in property taxes.

Wisconsin Real Estate Taxes Versus Home Values

Wisconsin has very reasonable home values.

  • Many Illinois homeowners used to migrate across the border to Wisconsin due to lower housing prices
  • Average home values in Wisconsin is $178,600
  • However, the average real estate tax rate is 1.969%, making the state with one of the highest tax rates in the country on real estate

This makes median real estate taxes paid by average homeowners at $3,257.

Average Real Estate Taxes In Vermont

Vermont’s median property value is $195,000.

  • Average property tax rates in Vermont is 1.719%
  • Although the state has reasonable home values, the 1.719% property tax rate makes the state with the 9th highest real estate tax out of all states in the U.S.

Average homeowners with a $195,000 home will be paying $3,893 in their home’s taxes.

Rhode Island Real Estate Taxes Versus Home Value

The median home value in the state of Rhode Island is $276,000.

  • Average tax rates on homes in the state is averaging 1.610%
  • This makes a homeowner with the above property value will be paying $3,929 in property taxes

The state’s property taxes are the 10th States With Highest Property Taxes in the U.S. 

Illinois Home Values Versus Property Taxes

Illinois has very reasonable home values. Average home values in Illinois is $174,300.

  • However, Illinois seems always broke and always in a financial mess
  • This may be due to the incompetence of most Illinois politicians
  • Illinois has the second highest States With Highest Property Taxes in the U.S. at a median tax rate of 2.253%
  • This makes a homeowner with a $174,300 home to fork over $4,058 in annual property taxes

Many Illinois homeowners are selling their homes in Illinois and moving across the border to Indiana, Kentucky, Tennessee due to the high Illinois property taxes.

How Much Do Homeowners In Massachusetts Pay In Taxes

Massachusetts homes are the third highest in the nation at $398,300.

  • Average tax rates for homeowners is 1.181%
  • This makes the median property taxes paid at $4,132 for Massachusetts homeowners

Real estate tax rates is not bad but due to higher home prices, homeowners will pay a lot in taxes.

New York Real Estate Taxes

New York’s median home values is $282,100.

  • Tax rate for homeowners is 1.578% making median property taxes paid at $4,738
  • Besides real estate taxes, New York has one of the highest income state taxes in the nation
  • Also sales taxes are among the highest in the nation

Many New York residents are leaving the state to other states with lower overall tax rates.

New Hampshire Home Value Versus Taxes

New Hampshire average median home values is $266,100.

  • This median value makes the state of New Hampshire with the third highest home value
  • The state median tax rate on homes is 2.104%

Homeowners average $5,241 in annual property taxes which is higher than most states.

Connecticut Property Taxes Versus Home Values

Many New Yorkers migrate to Connecticut due to its vast land and beautiful landscape.

  • However, Connecticut’s property values is among the highest in the country at $240,300
  • Median state real estate tax rate is 1.910%
  • This makes an average homeowner with a $240,300 home paying $5,443 in annual taxes

This makes Connecticut property owners paying the sith highest rate in the country.

New Jersey Home Buyers And Tax Rates

Many New York homeowners relocate to New Jersey due to lower sales and state income taxes.

  • However, it is not cheap to live in the State of New Jersey for homeowners
  • The state have both higher home prices and real estate taxes. Median New jersey home values is $318,300
  • This makes it the seventh highest priced homes than any other states in the country

Coupled with average real estate taxes of 2.293%, average homeowners pay $7,601 in taxes.

Counties Versus State On Real Estate Taxes

Home buyers need to realize that the above data are just generalization on state property taxes. Property taxes vary among cities and counties within a state. For example, in Illinois, towns like Bellwood and Round Lake Beach Illinois can have taxes of $10,000 on a $100,000 home. This is 10% property tax rate. Make sure to research not just the state but the municipality as well. 

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