Using U.S. Census data, the nonprofit Tax Foundation has uncovered where the highest property taxes in the country are paid relative to the median value of the homes. Some of the locales may surprise you.
New Jersey came in first - no surprise there - but New Hampshire, which has no state income tax and prides itself on that, had the next-highest real estate taxes as a percentage of home values.
Louisiana had the lowest median taxes compared to property values, another ho-hum finding. But the second-lowest taxes compared to values are in pricey Hawaii.
The national median for real estate taxes is 1.04 percent of a property's value. Here's the list of the top 10 states with the highest median real estate taxes as a percentage of median home value as well as the ranking of states with the lowest:
States with the highest taxes:
1. New Jersey (1.89 percent of property value)
2. New Hampshire (1.86 percent)
3. Texas (1.81 percent)
4. (tie) Wisconsin (1.76 percent)
4. (tie) Nebraska (1.76 percent)
6. Illinois (1.73 percent)
7. Connecticut (1.63 percent)
8. Michigan (1.62 percent)
9. Vermont (1.59 percent)
10. North Dakota (1.42 percent)
States with the lowest taxes:
1. Louisiana (0.18 percent)
2. Hawaii (0.26 percent)
3. Alabama (0.33 percent)
4. Delaware (0.43 percent)
5. West Virginia (0.49 percent)
6. South Carolina (0.50 percent)
7. (tie) Arkansas (0.52 percent)
7. (tie) Mississippi (0.52 percent)
9. New Mexico (0.55 percent)
10. Wyoming (0.58 percent)
Source: 2009 U.S. Census Data and Tax Foundation calculations
http://www.realtor.org/rmodaily.nsf/pages/News2010100101?OpenDocument
Comments(0)