Times Examiner Facebook Logo

Sunday, July 14, 2024 - 06:38 PM

INDEPENDENT CONSERVATIVE VOICE OF UPSTATE SOUTH CAROLINA

First Published in 1994

INDEPENDENT CONSERVATIVE VOICE OF
UPSTATE SOUTH CAROLINA

Property Taxes by State 2024

Depending on where you live, property taxes can be a small inconvenience or a major burden. The average American household spends $2,869 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 26 states with vehicle property taxes shell out another $448.

Property taxes might appear to be a non-issue for the 35% of people who rent their homes, but that couldn’t be further from the truth. We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.

But which states have the largest property tax load, and what should residents keep in mind when it comes to meeting and minimizing their tax obligations? In search of answers, we analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes.

cassandra happe
“Some states charge no property taxes at all, while others charge an arm and a leg. Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the overall cost of living, when deciding on a city.”

CASSANDRA HAPPE, WALLETHUB ANALYST

Source: WalletHub

Real-Estate Property Tax Rates by State

Rank
(1=Lowest)
 

State

Effective Real-Estate Tax Rate 

Annual Taxes on $281.9K Home* 

State Median Home Value 

Annual Taxes on Home Priced at State Median Value 

1 Hawaii 0.27% $757 $764,800 $2,054
2 Alabama 0.39% $1,102 $179,400 $701
3 Colorado 0.49% $1,378 $465,900 $2,278
4 Nevada 0.50% $1,421 $373,800 $1,884
5 South Carolina 0.53% $1,484 $216,200 $1,138
6 Louisiana 0.55% $1,545 $198,300 $1,087
6 Delaware 0.55% $1,546 $305,200 $1,674
6 Utah 0.55% $1,546 $408,500 $2,241
6 West Virginia 0.55% $1,564 $145,800 $809
10 District of Columbia 0.56% $1,582 $705,000 $3,957
10 Arizona 0.56% $1,567 $321,400 $1,786
10 Idaho 0.56% $1,591 $331,600 $1,872
13 Wyoming 0.58% $1,637 $269,900 $1,567
13 Tennessee 0.58% $1,647 $232,100 $1,356
15 Arkansas 0.59% $1,665 $162,400 $959
16 California 0.71% $2,007 $659,300 $4,694
17 North Carolina 0.73% $2,069 $234,900 $1,724
18 New Mexico 0.74% $2,072 $216,000 $1,588
19 Mississippi 0.76% $2,138 $151,000 $1,145
19 Virginia 0.76% $2,150 $339,800 $2,591
21 Indiana 0.77% $2,173 $183,600 $1,415
22 Montana 0.79% $2,231 $305,700 $2,419
23 Kentucky 0.80% $2,258 $177,000 $1,418
24 Florida 0.82% $2,302 $292,200 $2,386
25 Georgia 0.83% $2,348 $245,900 $2,048
26 Oklahoma 0.85% $2,389 $170,500 $1,445
27 Oregon 0.86% $2,421 $423,100 $3,633
28 Washington 0.88% $2,476 $473,400 $4,158
29 Missouri 0.91% $2,562 $199,400 $1,812
30 North Dakota 0.99% $2,781 $232,500 $2,294
31 Maryland 1.02% $2,875 $380,500 $3,880
32 Minnesota 1.05% $2,949 $286,800 $3,000
33 South Dakota 1.14% $3,206 $219,500 $2,496
34 Massachusetts 1.15% $3,253 $483,900 $5,584
35 Alaska 1.16% $3,268 $318,000 $3,687
36 Maine 1.17% $3,288 $244,800 $2,855
37 Kansas 1.34% $3,777 $189,300 $2,536
38 Michigan 1.35% $3,796 $201,100 $2,708
39 Rhode Island 1.39% $3,924 $343,100 $4,776
40 Pennsylvania 1.41% $3,972 $226,200 $3,187
41 Ohio 1.43% $4,026 $183,300 $2,618
42 Iowa 1.49% $4,196 $181,600 $2,703
43 Nebraska 1.54% $4,342 $205,600 $3,167
44 Wisconsin 1.59% $4,471 $231,400 $3,670
45 Texas 1.63% $4,586 $238,000 $3,872
46 New York 1.64% $4,626 $384,100 $6,303
47 Vermont 1.78% $5,028 $272,400 $4,859
48 New Hampshire 1.89% $5,329 $337,100 $6,372
49 Connecticut 2.00% $5,647 $323,700 $6,484
50 Illinois 2.11% $5,960 $239,100 $5,055
51 New Jersey 2.33% $6,563 $401,400 $9,345

*$281,900 is the median home value in the U.S. as of 2022, the year of the most recent available data.

<h3">Changes to Real-Estate Tax Rates Over Time

rankings 2010 2022 real estate tax states 1

Source: WalletHub

Red States vs Blue States

blue vs red image property tax 2024

Source: WalletHub

Vehicle Property Tax Rates by State

Rank
(1=Lowest)
 

State

Effective Vehicle Tax Rate 

Annual Taxes on $26K Car* 

1 Alaska 0.00% $0
1 Delaware 0.00% $0
1 District of Columbia 0.00% $0
1 Florida 0.00% $0
1 Georgia 0.00% $0
1 Hawaii 0.00% $0
1 Idaho 0.00% $0
1 Illinois 0.00% $0
1 Maryland 0.00% $0
1 New Jersey 0.00% $0
1 New Mexico 0.00% $0
1 New York 0.00% $0
1 North Dakota 0.00% $0
1 Ohio 0.00% $0
1 Oklahoma 0.00% $0
1 Oregon 0.00% $0
1 Pennsylvania 0.00% $0
1 Rhode Island 0.00% $0
1 South Dakota 0.00% $0
1 Tennessee 0.00% $0
1 Texas 0.00% $0
1 Utah 0.00% $0
1 Vermont 0.00% $0
1 Washington 0.00% $0
1 Wisconsin 0.00% $0
26 Louisiana 0.10% $26
27 Michigan 0.61% $160
28 California 0.65% $172
29 Alabama 0.70% $185
30 Iowa 1.00% $264
31 Arkansas 1.02% $269
32 North Carolina 1.15% $304
33 Montana 1.20% $316
34 Indiana 1.32% $350
35 Kentucky 1.45% $382
36 Minnesota 1.58% $416
37 Nebraska 1.59% $420
38 Arizona 1.68% $444
38 West Virginia 1.68% $443
40 Nevada 1.77% $469
41 Colorado 1.79% $472
42 New Hampshire 1.80% $476
42 Wyoming 1.80% $476
44 Kansas 2.04% $538
45 Connecticut 2.10% $554
46 Massachusetts 2.25% $594
47 Maine 2.40% $634
48 Missouri 2.48% $655
49 South Carolina 2.53% $668
50 Mississippi 3.46% $915
51 Virginia 3.97% $1,050

*$26,420 is the value of a Toyota Camry LE four-door Sedan (as of January 2024), the highest-selling car of 2023.

Ask the Experts

Property taxes are an extremely important issue since they impact all of our lives. But how should we incorporate them into our financial decision-making? And how should policymakers across the U.S. approach them as well? For answers to those questions and more, we consulted a panel of tax and public-policy experts. You can check out their bios and responses to key questions below.

  1. Do people consider property taxes when deciding where to move? Should they?
  2. Should nonprofits pay property taxes?
  3. Should local tax policy be adjusted to rely more or less on property taxes versus other forms of taxation?
  4. Should more types of property be subject to property taxes? If yes, what types?
  5. Should certain groups of people be exempt from property taxes or be taxed at a lower rate?