Real Estate

Can you guess which state charges the highest property tax?

[Graph] CoreLogic maps out who pays what in real estate taxes

At 2.67%, Illinois has the highest median property tax rate in the U.S., according to a report by CoreLogic.

Did you guess it? What about the lowest?

On the other hand, Hawaii has the lowest median property tax rate in the nation at 0.31%, according to the report. The national median is 1.31%.

Property taxes vary state to state, and include the total taxes paid to several different agencies, which can include the county, village and school districts. Due to these variances, estimating a property tax can be challenging at times.

After Illinois, New York has the second highest median property tax rate at 2.53%, followed by New Hampshire with 2.4%, New Jersey with 2.37% and Texas with 2.17%.

After Hawaii, South Dakota has the second lowest median property tax rate at 0.38%, followed by Alabama with 0.54%, Wyoming with 0.65% and Colorado with 0.66%.

In the U.S., 16 states have a median property tax rate of less than 1%, as opposed to 28 states between 1% and 2% or 7 states with more than 1%.

Whereas most higher median property tax rates are seen more along the northeast where there are multiple levels of tax collection, Texas is the exception with its 2.17% tax rates. In the areas where property tax is only collected at the county level, tax rates tend to be lower.

This map shows the median property tax rate category of each state:

Click to Enlarge

Tax

(Source: CoreLogic)

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