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) |
Key Stats
- 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:
http://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/
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