We don’t often think about property taxes when looking for a new home, but property tax can be a huge additional expense on top of your mortgage. And it’s cost varies greatly depending on what state you live.
Here, we’ll take a look at the highest property tax states, the lowest property tax states, and how much it will cost you.
The Most Expensive Property Tax States
- New Jersey – 2.49%
- Illinois – 2.31%
- New Hampshire – 2.20%
- Vermont – 2.19%
- Texas – 2.18%
The Cheapest Property Tax States
- Hawaii – 0.27%
- Alabama – 0.33%
- Louisiana – 0.51%
- West Virginia – 0.59%
- Wyoming – 0.61%
Here’s How Much You’ll Pay
We’ve compared the property tax costs of cities in two different states.
The first is Schaumburg Illinois, which has a population of 78,000 people.
The second is from our cheapest states list, and is Charleston West Virginia, with a population of 48,000 people.
Here’s how much you’ll pay.
Schaumburg, Illinois – 2.31% tax rate
$200,000 home = $4,620 per year, or $385 per month
$300,000 = $6,930 per year, or $577 per month
$400,000 = $9,240 per year, or $770 per month
$500,000 = $11,550 per year, or $962 per month
Charleston, West Virginia – 0.59% tax rate
$200,000 home = $1,180 per year, or $98 per month
$300,000 = $1,770 per year, or $147 per month
$400,000 = $2,360 per year, or $197 per month
$500,000 = $2,950 per year, or $246 per month
As you can see, where you live plays a significant role in how much you’ll pay in property taxes. Just something you may want to consider when looking for a new home.
