Real Estates taxes could be really expensive depending on where you live. There could be a big difference between some states and others. Regardless of where homeowners live, most citizens prefer to pay less money on taxes for their properties. The highest inflation in 4 decades and the high-interest rates on mortgages are making it difficult for citizens to make ends meet.
Those who own a house have to pay quite a lot of money. The median house owner in the USA pays about 2,971 dollars according to the Motley Fool. Unfortunately, there are some people who must pay more than that, while others can enjoy lower Real Estate taxes.
New Jersey is the state which has the highest property taxes says the Motley Fool in recent research. They even have a property tax relief program in New Jersey to help those who cannot afford it.
Which places have the lowest Real Estate?
On top of the list, you can find Hawaii as the state with the most affordable Real Estate taxes. Their tax rate is just 0.29 percent. Bear in mind that even if you are in the same state, there might be areas that have higher taxes than others. The average tax could be misleading because you will not find the same tax everywhere in Hawaii.
Therefore, this is just like the housing or Real Estate market in each state, there are coastal areas that are more expensive than some rural areas. Do not forget that each county and city may have its own taxes and prices. Apart from this, there might be some tax deductions for some homeowners. In second place is Alabama with 0.43 percent.
Which is the third state with the lowest property tax in the USA?
Colorado is the third state with the cheapest property taxes. Their rate reaches 0.52% only, not far from Nevada with a rate of 0.55%. Utah is in the fifth position with 0.57%, followed closely by South Carolina with 0.58. In this top ten with the lowest property taxes, West Virginia is number 7 with 0.59. The district of Columbia and Arizona share the same percentage.
The last two of the ranking are Wyoming, ninth with 0.61%, and Delaware tenth with 0.62%. Regardless of these average rates for Real Estate taxes, there are other factors that may increase the rate you pay in those states. There are some states that may charge you more depending on your personal situation. It might not be the same if you own and live in the home, as if you own the house but you do not live there and rent it. This tax may be more expensive but they may have cheaper taxes for other things.