PROPERTY TAXES & INCOME TAXES - STATE BY STATE MAP

    PROPERTY TAXES & INCOME TAXES - STATE BY STATE MAP

    Jan 18, 2022

    Today's maps we will take a look at PROPERTY TAXES and individual INCOME TAXES by state.

    Because property taxes are tied to housing values, it makes sense that the actual dollar amounts of property taxes tend to be higher in places with higher housing prices. This map takes housing value into account in order to give a broader perspective for property tax comparison and is the average amount of residential property taxes actually paid, expressed as a percentage of home value.

    New Jersey had the highest effective rate on owner-occupied property at 2.21 percent, followed closely by Illinois (2.05 percent) and New Hampshire (2.03 percent). Hawaii sits on the other end of the spectrum with the lowest effective rate of 0.30 percent. The state is followed closely by Alabama (0.40 percent), Louisiana (0.52 percent), and Wyoming (0.55 percent).

    Some states with high property taxes, like New Hampshire and Texas, rely heavily on them in lieu of other major tax categories. Others, like New Jersey and Illinois, impose high property taxes alongside high rates in the other major tax categories. For comparision, lets take a look at the most current map of Individual Income Tax Rates.

    How does your state compare?