For the average person deciding where to buy or rent a home, the process is far less romantic than throwing a dart at a map. A slew of factors make certain locales more or less attractive places to live -- weather, culture and quality of schools to name a few -- plus all those elements that demand you loosen your purse strings. One often-overlooked piece of the moving puzzle is property taxes, a financial obligation that varies significantly across state lines. A recent analysis by WalletHub determined that the average American pays $2,127 in property taxes per year, a cost that's either bundled directly into a mortgage payment or indirectly tacked on to the cost of rent. That's a big budget chunk, which might explain in part why $11.8 billion in property taxes go unpaid each year, according to the National Tax Lien Association. Using U.S. Census Bureau data, WalletHub identified a real estate tax rate (expressed as a percentage) as well as an annual property tax doll...
- Property taxes vary across state lines and may affect whether homeowners can afford to buy or even rent in a given area.
- A recent analysis by WalletHub determined that the average American pays $2,127 in property taxes per year.
- In 2016, the states with the highest property taxes are New Jersey, Illinois and New Hampshire. In comparison, Hawaii, Alabama and Louisiana have the lowest real estate tax rates.
The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017