Texas, Vermont Tie For 6th Highest In Real Estate Property Taxes Out Of All 50 States And DC
By Terra Rivers, Managing Editor
A new study from WalletHub was released Tuesday, February 26, that ranks Texas and Vermont as the states with the sixth highest in real estate property taxes.
The ranking lists states with the lowest in real estate property taxes at number 1.
According to WalletHub, Texas and Vermont tied at 45 with an effective tax rate of 1.83 percent. Annual taxes on a $194,000 home in Texas run homeowners $3,544 in property taxes. The median home value in 2017 was $151,500 at the state level.
New Jersey tops the chart at number 51 with the highest property taxes. New Jersey residents spend $4,725 on a $194,000 home. The state’s median home value is $321,100; homeowners with houses appraised at median value pay $7,840 in property taxes each year.
Blue States have 19.84 percent higher real-estate property taxes, averaging $2,399, than Red States, averaging $2,002.
Texas also tied with 24 other states in vehicle property taxes rates with an effective vehicle tax rate of 0.00 percent. Rhode Island tops the chart at 51 with 4.40 percent property tax rate on vehicles.
WalletHub determined the rankings using data from the U.S. Census Bureau for real estate property tax rates and applying assumption based on national auto-sales data.
While 62 percent of households in the United States know they’re paying property taxes, the remaining 38 percent is usually doing it indirectly. Property taxes impact the amount of rent landlords charge, whether a household is renting an apartment or a house.
For more information on WalletHub’s methodology, take a look at the full report. Check out the full state rankings in the table below.
Can’t see the whole table? Touch it and scroll right.
NOTE: The ranking below are ranked as the higher the number the higher the taxes are. Number one pays the least and number 51 pays the most.
| RANK (1= LOWEST) |
STATE | EFFECTIVE REAL ESTATE TAX RATE |
ANNUAL TAXES ON $194K HOME* |
STATE MEDIAN HOME VALUE |
ANNUAL TAXES ON HOME PRICED AT STATE MEDIAN VALUE |
|---|---|---|---|---|---|
| 51 | New Jersey | 2.44% | $4,725 | $321,100 | $7,840 |
| 50 | Illinois | 2.31% | $4,476 | $179,700 | $4,157 |
| 49 | New Hampshire | 2.20% | $4,257 | $244,900 | $5,388 |
| 48 | Connecticut | 2.07% | $3,999 | $270,100 | $5,582 |
| 47 | Wisconsin | 1.94% | $3,756 | $169,300 | $3,286 |
| 45 | Texas | 1.83% | $3,544 | $151,500 | $2,775 |
| 45 | Vermont | 1.83% | $3,544 | $220,600 | $4,040 |
| 44 | Nebraska | 1.80% | $3,485 | $142,400 | $2,565 |
| 43 | New York | 1.68% | $3,246 | $293,000 | $4,915 |
| 42 | Rhode Island | 1.66% | $3,206 | $242,200 | $4,013 |
| 41 | Michigan | 1.64% | $3,179 | $136,400 | $2,241 |
| 40 | Pennsylvania | 1.58% | $3,054 | $170,500 | $2,691 |
| 39 | Ohio | 1.57% | $3,042 | $135,100 | $2,124 |
| 38 | Iowa | 1.53% | $2,960 | $137,200 | $2,099 |
| 37 | Kansas | 1.40% | $2,713 | $139,200 | $1,952 |
| 36 | Maine | 1.35% | $2,619 | $179,900 | $2,435 |
| 35 | South Dakota | 1.32% | $2,550 | $152,700 | $2,012 |
| 34 | Massachusetts | 1.22% | $2,365 | $352,600 | $4,309 |
| 33 | Alaska | 1.19% | $2,303 | $261,900 | $3,117 |
| 32 | Minnesota | 1.15% | $2,225 | $199,700 | $2,296 |
| 31 | Maryland | 1.10% | $2,126 | $296,500 | $3,257 |
| 30 | Oregon | 1.04% | $2,006 | $265,700 | $2,755 |
| 29 | Washington | 1.03% | $1,996 | $286,800 | $2,958 |
| 28 | North Dakota | 1.01% | $1,962 | $174,100 | $1,765 |
| 27 | Missouri | 0.99% | $1,910 | $145,400 | $1,435 |
| 26 | Florida | 0.98% | $1,897 | $178,700 | $1,752 |
| 25 | Georgia | 0.91% | $1,769 | $158,400 | $1,448 |
| 24 | Oklahoma | 0.90% | $1,737 | $125,800 | $1,129 |
| 23 | Indiana | 0.87% | $1,679 | $130,200 | $1,130 |
| 21 | North Carolina | 0.86% | $1,656 | $161,000 | $1,378 |
| 21 | Kentucky | 0.86% | $1,667 | $130,000 | $1,120 |
| 20 | Montana | 0.84% | $1,625 | $209,100 | $1,756 |
| 18 | Virginia | 0.80% | $1,550 | $255,800 | $2,049 |
| 18 | Mississippi | 0.80% | $1,556 | $109,300 | $879 |
| 17 | New Mexico | 0.78% | $1,502 | $163,900 | $1,272 |
| 16 | California | 0.77% | $1,490 | $443,400 | $3,414 |
| 15 | Idaho | 0.75% | $1,447 | $176,800 | $1,322 |
| 14 | Tennessee | 0.74% | $1,429 | $151,700 | $1,120 |
| 13 | Arizona | 0.72% | $1,400 | $193,200 | $1,398 |
| 12 | Nevada | 0.69% | $1,331 | $216,400 | $1,489 |
| 11 | Utah | 0.66% | $1,280 | $238,300 | $1,576 |
| 10 | Arkansas | 0.63% | $1,213 | $118,500 | $743 |
| 9 | Wyoming | 0.61% | $1,186 | $204,900 | $1,256 |
| 8 | West Virginia | 0.59% | $1,132 | $111,600 | $653 |
| 7 | South Carolina | 0.57% | $1,108 | $148,600 | $851 |
| 6 | Delaware | 0.56% | $1,078 | $238,600 | $1,329 |
| 4 | Colorado | 0.55% | $1,065 | $286,100 | $1,575 |
| 4 | District of Columbia | 0.55% | $1,055 | $537,400 | $2,930 |
| 3 | Louisiana | 0.52% | $1,006 | $152,900 | $795 |
| 2 | Alabama | 0.42% | $817 | $132,100 | $558 |
| 1 | Hawaii | 0.27% | $525 | $563,900 | $1,529 |
