2020’s Property Taxes by State
From Wallet Hub, Feb 25, 2020
Depending on where you live, property taxes can be a small inconvenience or a major burden. The average American household spends $2,375 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $441. Considering these figures and the rising amount of debt in America, it should come as no surprise that more than $14 billion in property taxes go unpaid each year, the National Tax Lien Association has found.
And though property taxes might appear to be a non-issue for the 36 percent of renter households, 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, WalletHub analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes….
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SA: We have low property taxes, but … Statistics don’t lie, but they don’t always tell the whole truth. So when the personal finance site WalletHub lists Honolulu as the U.S. city with the lowest property tax, it omits that, unlike in other cities, it doesn’t cover the schools. There’s a state general excise tax for that. It also doesn’t mention how high property values are, or other burdens. Another WalletHub study shows two Hawaii towns, Kahului and Ewa Beach, with among the highest ratios of mortgage debt to income. They’re EmptyWalletHubs.
||Effective Real-Estate Tax Rate
||Annual Taxes on $205K Home*
||State Median Home Value
||Annual Taxes on Home Priced at State Median Value