Illinois claims the highest property tax rate among the 50 states and the District of Columbia at 2.67%, which works out to $2,670 for every $100,000 in value. Hawaiians pay the lowest property taxes, just 0.31%, or just $310 per $100,000 in valuation. The national median property tax rate is 1.31%, or $1,310 per $100,000 in valuation.
Trailing Illinois at the top of the list are New York (2.53%), New Hampshire (2.4%), New Jersey (2.37%) and Texas (2.17%). At the low end of the rankings, South Dakota (0.38%), Alabama (0.54%), Wyoming (0.65%) and Colorado (0.66%) trail Hawaii.
Of the states and D.C., 16 (31%) have a median property tax rate below 1%, while 28 (55%) have a rate between 1% and 2% and seven (14%) have a rate above 2%.
The data were reported Wednesday by CoreLogic, which noted that property tax rates not only differ in amounts from state to state, but also in how many agencies get a piece of the pie. The researchers calculated the median overall property tax rate at the national and state level, taking into consideration all taxing and collection entities. The result provides a complete picture of the cost of owning real property.
CoreLogic also noted:
The analysis shows that higher median tax rates are seen primarily among states in the northeast, with Texas a notable exception at 2.17 percent, where there are multiple levels of tax collection. Conversely, the majority of states with low median tax rates have only a single level of tax collection at the county level. Other than Hawaii, the lowest median property tax rates are primarily in the Rocky Mountain region—in states like Nevada, Utah, Colorado, New Mexico and South Dakota—as well as in southeastern states.
In the following map, states shown in green have property taxes between 1% and 2%. States in blue have property taxes greater than 2%, and states in red have property taxes less than 1%.
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.