Actual Property Taxes By State 2023: Every thing To Know Abou

Taxes are an inevitable a part of the lifetime of an American citizen. Every year, residents pay a considerable quantity when it comes to tax to the federal government.

Together with the federal tax imposed by the federal government, residents are additionally required to pay the tax imposed by their respective state governments on totally different commodities and merchandise. 

Actual Property Tax or Property Tax is one such tax levied from the residents by the native authorities the place the property is positioned. The quantity collected as property tax is decided primarily based on various factors.

The property proprietor is predicted to pay a sum as tax which is calculated by multiplying the property tax price by the present market worth. As these values have a tendency to vary over time, the property tax is calculated yearly. 

The cash collected by the federal government as property tax is used for various functions. Principally, the tax cash is used for the development of public services like bettering the general public training system, transportation, water and sewer enhancements, and in addition for the betterment of legislation enforcement. 

High States With Lowest Property Tax In The U.S.

The property tax applied by the native authorities will not be the identical all all through the nation. Whereas some states have a really excessive price of property tax, there are additionally states who accumulate very small quantities of property tax. The state with the bottom property tax in the USA is Hawaii.

The state solely has a price of 0.29% as property tax. Despite the fact that the state has a really low price for the tax, the residents of the state are anticipated to pay a sum of $1,607 as property tax. Whereas the tax price could be very low, Hawaii reportedly has a really excessive median home price.

The American state with the second lowest property tax price is Alabama. The state of Alabama has a property tax price of 0.42%. The states even have one of many lowest median home costs within the nation, which brings the annual tax down to simply $572.

Louisiana has the third lowest property tax price which is 0.53%. One of many causes for the low tax price in Louisiana is the homestead exemption by the state. This reduces the taxable worth of an owner-occupied property by round $7,500 in assessed worth. 

The state that occupies the fourth place within the record of states with the bottom property tax price is Colorado. The state has a property tax price of 0.53%. It’s adopted by the state of Columbia, which has a property tax price of 0.55%. 

High States With Highest Property Tax Fee In The U.S. 

The state of New Jersey has the best property tax price in the USA. The property tax price of the nation is sort of 2.21%. At present, there are solely two states within the nation which have crossed the two% mark within the property tax price.

The opposite state, which is presently within the second place when it comes to highest property tax is Illinois. Illinois was the primary state within the nation to cross the two% mark when it comes to the property tax price.

However because the state has a really low common house worth, the annual tax won’t pose a giant downside to property house owners. The property tax price of Inninois is 2.05% now. 

The state of New Hampshire is available in third place with a tax price of 1.96%. The state has a tax price that’s nearly near. It also needs to be famous that New Hampshire additionally has one of many highest common house worth costs and annual property taxes among the many states.

The fourth place is occupied by Vermont with a tax price of 1.82% and is adopted by Connecticut which has a property tax price of 1.76%. 

Here’s a record of property tax by the state which incorporates efficient property tax price, median house worth, and in addition the median actual property tax paid by their residents. 

◾ Alabama Property Tax

• Efficient Property Tax Fee: 0.42%
• Median House Worth: $172,300
• Median Actual Property Tax Paid: $742

◾ Alaska Property Tax

• Efficient Property Tax Fee: 1.24%
• Median House Worth: $300,100
• Median Actual Property Tax Paid: $3,716

◾ Arizona Property Tax

• Efficient Property Tax Fee: 0.60%
• Median House Worth: $283,900
• Median Actual Property Tax Paid: $1,717

◾ Arkansas Property Tax

• Efficient Property Tax Fee: 0.66%
• Median House Worth: $157,300
• Median Actual Property Tax Paid: $1,031

◾ California Property Tax

• Efficient Property Tax Fee: 0.81%
• Median House Worth: $591,300
• Median Actual Property Tax Paid: $4,804

◾ Colorado Property Tax

• Efficient Property Tax Fee: 0.52%
• Median House Worth: $407,100
• Median Actual Property Tax Paid: $2,125

◾ Connecticut Property Tax

• Efficient Property Tax Fee: 2.16%
• Median House Worth: $289,600
• Median Actual Property Tax Paid: $6,251

◾ Delaware Property Tax

• Efficient Property Tax Fee: 0.62%
• Median House Worth: $274,800
• Median Actual Property Tax Paid: $1,694

◾ District of Columbia Property Tax

• Efficient Property Tax Fee: 0.59%
• Median House Worth: $636,600
• Median Actual Property Tax Paid: $3,754

◾ Florida Property Tax

• Efficient Property Tax Fee: 0.89%
• Median House Worth: $266,100
• Median Actual Property Tax Paid: $2,372

◾ Georgia Property Tax

• Efficient Property Tax Fee: 0.95%
• Median House Worth: $226,600
• Median Actual Property Tax Paid: $2,151

◾ Hawaii Property Tax

• Efficient Property Tax Fee: 0.29%
• Median House Worth: $669,200
• Median Actual Property Tax Paid: $1,915

◾ Idaho Property Tax

• Efficient Property Tax Fee: 0.63%
• Median House Worth: $277,400
• Median Actual Property Tax Paid: $1,741

◾ Illinois Property Tax

• Efficient Property Tax Fee: 2.29%
• Median House Worth: $227,700
• Median Actual Property Tax Paid: $5,213

◾ Indiana Property Tax

• Efficient Property Tax Fee: 0.83%
• Median House Worth: $165,900
• Median Actual Property Tax Paid: $1,373

◾ Iowa Property Tax

• Efficient Property Tax Fee: 1.59%
• Median House Worth: $169,600
• Median Actual Property Tax Paid: $2,700

◾ Kansas Property Tax

• Efficient Property Tax Fee: 1.40%
• Median House Worth: $182,000
• Median Actual Property Tax Paid: $2,556

◾ Kentucky Property Tax

• Efficient Property Tax Fee: 0.89%
• Median House Worth: $169,600
• Median Actual Property Tax Paid: $1,508

◾ Louisiana Property Tax

• Efficient Property Tax Fee: 0.62%
• Median House Worth: $196,000
• Median Actual Property Tax Paid: $1,223

◾ Maine Property Tax

• Efficient Property Tax Fee: 1.29%
• Median House Worth: $223,100
• Median Actual Property Tax Paid: $2,868

◾ Maryland Property Tax

• Efficient Property Tax Fee: 1.07%
• Median House Worth: $346,500
• Median Actual Property Tax Paid: $3,709

◾ Massachusetts Property Tax

• Efficient Property Tax Fee: 1.19%
• Median House Worth: $159,200
• Median Actual Property Tax Paid: $1,289

◾ Mississippi Property Tax

• Efficient Property Tax Fee: 0.81%
• Median House Worth: $159,200
• Median Actual Property Tax Paid: $1,289

◾ Missouri Property Tax

• Efficient Property Tax Fee: 1.00%
• Median House Worth: $183,900
• Median Actual Property Tax Paid: $1,830

◾ Montana Property Tax

• Efficient Property Tax Fee: 0.83%
• Median House Worth: $282,200
• Median Actual Property Tax Paid: $2,339

◾ Nebraska Property Tax

• Efficient Property Tax Fee: 1.70%
• Median House Worth: $187,700
• Median Actual Property Tax Paid: $3,184

◾ Nevada Property Tax

• Efficient Property Tax Fee: 0.55%
• Median House Worth: $325,300
• Median Actual Property Tax Paid: $1,793

◾ New Hampshire Property Tax

• Efficient Property Tax Fee: 2.09%
• Median House Worth: $297,900
• Median Actual Property Tax Paid: $6,235

◾ New Jersey Property Tax

• Efficient Property Tax Fee: 2.46%
• Median House Worth: $363,400
• Median Actual Property Tax Paid: $8,928

◾ New Mexico Property Tax

• Efficient Property Tax Fee: 0.84%
• Median House Worth: $204,400
• Median Actual Property Tax Paid: $1,721

◾ New York Property Tax

• Efficient Property Tax Fee: 1.73%
• Median House Worth: $359,600
• Median Actual Property Tax Paid: $6,217

◾ North Carolina Property Tax

• Efficient Property Tax Fee: 0.80%
• Median House Worth: $220,000
• Median Actual Property Tax Paid: $1,765

◾ North Dakota Property Tax

• Efficient Property Tax Fee: 1.02%
• Median House Worth: $233,300
• Median Actual Property Tax Paid: $2,378

◾ Ohio Property Tax

• Efficient Property Tax Fee: 1.57%
• Median House Worth: $169,200
• Median Actual Property Tax Paid: $2,658

◾ Oklahoma Property Tax

• Efficient Property Tax Fee: 0.99%
• Median House Worth: $164,500
• Median Actual Property Tax Paid: $1,623

◾ Oregon Property Tax

• Efficient Property Tax Fee: 0.92%
• Median House Worth: $373,900
• Median Actual Property Tax Paid: $3,457

◾ Pennsylvania Property Tax

• Efficient Property Tax Fee: 1.56%
• Median House Worth: $215,300
• Median Actual Property Tax Paid: $3,352

◾ Rhode Island Property Tax

• Efficient Property Tax Fee: 1.54%
• Median House Worth: $293,100
• Median Actual Property Tax Paid: $4,526

◾ South Carolina Property Tax

• Efficient Property Tax Fee: 0.58%
• Median House Worth: $207,400
• Median Actual Property Tax Paid: $1,213

◾ South Dakota Property Tax

• Efficient Property Tax Fee: 1.22%
• Median House Worth: $207,700
• Median Actual Property Tax Paid: $2,528

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◾ Tennessee Property Tax

• Efficient Property Tax Fee: 0.65%
• Median House Worth: $211,700
• Median Actual Property Tax Paid: $1,376

◾ Texas Property Tax

• Efficient Property Tax Fee: 1.90%
• Median House Worth: $232,000
• Median Actual Property Tax Paid: $4,399

◾ Utah Property Tax

• Efficient Property Tax Fee: 0.57%
• Median House Worth: $345,300
• Median Actual Property Tax Paid: $1,972

◾ Vermont Property Tax

• Efficient Property Tax Fee: 1.89%
• Median House Worth: $248,700
• Median Actual Property Tax Paid: $4,706

◾ Virginia Property Tax

• Efficient Property Tax Fee: 0.83%
• Median House Worth: $321,200
• Median Actual Property Tax Paid: $2,656

◾ Washington Property Tax

• Efficient Property Tax Fee: 0.93%
• Median House Worth: $414,300
• Median Actual Property Tax Paid: $3,841

◾ West Virginia Property Tax

• Efficient Property Tax Fee: 0.59%
• Median House Worth: $156,000
• Median Actual Property Tax Paid: $916

◾ Wisconsin Property Tax

• Efficient Property Tax Fee: 1,71%
• Median House Worth: $208,900
• Median Actual Property Tax Paid: $3,570

◾ Wyoming Property Tax

• Efficient Property Tax Fee: 0.61%
• Median House Worth: $247,600
• Median Actual Property Tax Paid: $1,501

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