The average American household spends $2,089 on real estate property taxes each year, and residents of the 27 states with vehicle property taxes shell out another $423. Roughly $15 billion-worth of homes are also foreclosed upon as a result of property tax delinquencies each year, according to the National Tax Lien Association.
With that in mind, the personal finance website WalletHub today released a report on the States with the Highest & Lowest Property Taxes in 2015, which compares home and vehicle taxes across the country and features insights from a panel of leading experts. A few highlights can be found below.
|Highest Real Estate Taxes||Highest Vehicle Property Taxes|
|43||Vermont ($2,934)||43||South Carolina ($416)|
|44||Michigan ($3,168)||44||Massachusetts ($517)|
|45||Nebraska ($3,228)||45||Maine ($551)|
|46||Connecticut ($3,301)||46||Missouri ($595)|
|47||Texas ($3,327)||47||Connecticut ($630)|
|48||Wisconsin ($3,398)||48||Mississippi ($743)|
|49||New Hampshire ($3,649)||49||Kansas ($905)|
|50||Illinois ($3,939)||50||Virginia ($962)|
|51||New Jersey ($3,971)||51||Rhode Island ($1,133)|
- Real estate taxes are 8-times higher in New Jersey than in Hawaii.
- 27 states levy some sort of vehicle property tax. Such taxes are 13-times higher in Rhode Island than in Montana.
- Real estate property taxes in the average Blue State ($2,250) are 39% higher than those in the average Red State ($1,613).
For the full report and to see where your state ranks, please visit:
More from WalletHub & CardHub
National Financial Literacy Month: