The consumer finance site WalletHub has released a new report ranking the states with the highest and lowest real estate and vehicle property taxes across the country.
The report, Highest & Lowest Property Taxes in 2015, compares home and vehicle taxes across the country and features insights from a panel of experts. The report found the highest real estate and property taxes in the following states:
Highest Real Estate Taxes
43 Vermont ($2,934)
44 Michigan ($3,168)
45 Nebraska ($3,228)
46 Connecticut ($3,301)
47 Texas ($3,327)
48 Wisconsin ($3,398)
49 New Hampshire ($3,649)
50 Illinois ($3,939)
51 New Jersey ($3,971)
Highest Vehicle Property Taxes
43 South Carolina ($416)
44 Massachusetts ($517)
45 Maine ($551)
46 Missouri ($595)
47 Connecticut ($630)
48 Mississippi ($743)
49 Kansas ($905)
50 Virginia ($962)
51 Rhode Island ($1,133)
Real estate taxes are eight times higher in New Jersey than in Hawaii, according to the report, and 27 states levy some sort of vehicle property tax. Such taxes are 13-times higher in Rhode Island than in Montana. Real estate property taxes in the average Blue State ($2,250) are 39 percent higher than those in the average Red State ($1,613).
WalletHub also noted that the average American household spends $2,089 on real estate property taxes each year, and residents of the 27 states with vehicle property taxes shell out another $423. Approximately $15 billion-worth of homes are also foreclosed upon as a result of property tax delinquencies each year, according to the National Tax Lien Association.
For the full report and to see where each state ranks, click here.
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