NJ, Illinois have highest property tax rates, Hawaii and Alabama the lowest

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New Jersey and Illinois were the states with the highest property tax rates in 2012, while Hawaii and Alabama had the lowest, Chicago Magazine reports, citing a report by the Urban Institute.

Property tax rates, which vary by county, averaged 2.28 percent in Illinois in 2012, up from 1.93 percent in 2010, the Illinois Policy Institute said, interpreting county-level data in the Urban Institute’s report. Local officials have increased property tax rates in response to declining home values, Brian Costin, IPI’s director of government reform, said in a blog post. Source: chicagomag.com.