Property Taxes by State: What You’ll Pay Based on Where You Live
Key Takeaways: Property taxes help fund essential public services and are based on the assessed value of property, not what you paid for it. New Jersey (1.88%), Illinois (1.88%), Connecticut (1.54%), Vermont (1.51%), and New Hampshire (1.50%) have the highest property tax rates in the country. Hawaii (0.29%), Alabama (0.37%), Utah (0.48%), Arizona (0.48%), and South Carolina (0.49%) have the lowest property tax rates. Buying a home isn’t just about the purchase price. You’ll also need to budget for ongoing costs like property taxes, which can vary widely depending on where you live. Two homes with similar values can come with very different tax bills based on state and local rates. Below, we break down property taxes by state so you can compare where costs are highest and where you might pay less over time. What are property taxes? Property taxes are taxes homeowners pay based on the assessed value of their property. This applies to all types of real estate, including ...