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3 min read Feb 03, 2024

Property Taxes By State: Where Does Your State Rank?

Property taxes are an essential aspect of homeownership that can vary greatly from state to state. It’s important to understand the property tax rates by state, as they have a significant impact on your real estate investment.

Whether you are buying a new home, selling your property, or simply looking to understand how real estate taxes work, this blog post will provide you with valuable information about property taxes by state.

Factors Affecting Tax Rates State to State

When it comes to property taxes, the rates can vary significantly from state to state. In order to better understand how property taxes are calculated, it’s important to have an idea about these factors.

  • Property Values: States with higher property values tend to have higher property tax rates, and vice versa.
  • Tax Assessment Methods: Methods used to assess tax can impact the property tax rates in a state. Some states use a market value approach, while others use an income-based approach or a hybrid of both.
  • Local Government Spending: States with higher spending on local government services, such as schools and infrastructure, tend to have higher property tax rates.
  • Tax Exemptions: States with higher tax deductions or exemptions, such as homestead exemptions and property tax caps, tend to have lower property tax rates.

Additionally, factors like the state’s economic climate, political factors, and the availability of state revenue sources also influence the property tax rates.

At a Glance: States Ranked by Property Tax

StateAverage Tax Rate (%)Median Home Value ($)Average Tax Per Household ($)
Hawaii0.29%$715,900$2,076
Alabama0.41%$295,900$1,213
Colorado0.51%$624,000$3,182
Nevada0.55%$465,000$2,557
Louisiana0.56%$266,000$1,489
South Carolina0.56%$370,800$2,076
D.C.0.57%$701,895$4,001
Delaware0.58%$323,100$1,874
Utah0.58%$575,100$3,336
West Virginia0.59%$291,300$1,719
Wyoming0.61%$228,000$1,391
Arizona0.62%$471,300$2,922
Arkansas0.62%$251,900$1,562
Idaho0.63%$521,200$3,284
Tennessee0.66%$402,600$2,657
California0.75%$843,800$6,329
Mississippi0.79%$257,300$2,033
New Mexico0.80%$518,300$4,146
North Carolina0.80%$360,900$2,887
Virginia0.82%$447,500$3,670
Indiana0.83%$245,300$2,036
Montana0.83%$244,900$2,033
Kentucky0.85%$256,700$2,182
Florida0.86%$410,400$3,529
Georgia0.90%$376,700$3,390
Oklahoma0.90%$242,500$2,183
Oregon0.93%$527,600$4,907
Washington0.94%$668,400$6,283
Missouri0.98%$251,900$2,469
North Dakota1.00%$199,900$1,999
Maryland1.07%$416,800$4,460
Minnesota1.11%$349,000$3,874
Massachusetts1.20%$604,200$7,250
Alaska1.22%$371,500$4,532
South Dakota1.24%$312,700$3,877
Maine1.28%$348,600$4,462
Kansas1.43%$298,100$4,263
Michigan1.48%$249,100$3,687
Ohio1.53%$236,700$3,622
Pennsylvania1.53%$290,700$4,448
Rhode Island1.53%$429,200$6,567
Iowa1.57%$265,700$4,171
Nebraska1.67%$279,900$4,674
New York1.73%$559,900$9,686
Wisconsin1.73%$278,900$4,825
Texas1.74%$389,100$6,770
Vermont1.90%$365,100$6,937
New Hampshire2.09%$434,100$9,073
Connecticut2.15%$368,900$7,931
Illinois2.23%$286,800$6,396
New Jersey2.47%$454,500$11,226

Sources: Property Shark | Wise Voter | World Population Review

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Frequently Asked Questions

1. Which state has the highest property tax?

New Jersey has the highest property tax rate in the United States, with an average of 2.47%. This means that homeowners in New Jersey pay an average of $11,226 annually in property taxes.

2. What state has the cheapest property tax?

Hawaii has the lowest property tax rate in the United States, with an average effective property tax rate of 0.29%.

3. Which USA state has no property tax?

There is no U.S. state that has completely eliminated property taxes. However, some states offer exemptions or credits for certain types of properties or individuals, such as seniors or veterans.

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