If You Feel You’re Paying a Lot in Illinois Property Taxes, You’re Right
As recent reports have shown, Illinois is leading the Midwest in outbound migration, or, in other words, people leaving the state. If you’ve lived here in Illinois for a while, you know there are lots of reasons given for people bolting the state. One of those reasons is high property taxes.
If you’ve got friends in other states, take a second and ask them about their property taxes. Chances are, unless those friends live in New Jersey, you’re paying more than they are.
Personal finance site WalletHub released its 2017 Property Taxes by State report, which compares home and vehicle taxes across the nation and features insights from a panel of experts. Bottom line: you were right. You are paying a lot in property taxes.
The average American household spends $2,149 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states (we don’t have one in Illinois) with vehicle property taxes shell out another $402. Roughly $11.8 billion in property taxes go unpaid each year, the National Tax Lien Association has found.
The top 5 best states for property taxes:
5. District of Columbia
Now, the 5 worst states:
49. New Hampshire
51. New Jersey
Here’s a look at Illinois’ numbers:
Property Taxes in Illinois (1st=Lowest; 25th=Avg.):
Real-Estate Property Tax Rank: 50th
Vehicle Property Tax Rank: 1st
Real-Estate Tax on Median State Home Value: $3,995
Real-Estate Tax on Median U.S. Home Value: $4,105
Vehicle Property Tax on Best-Selling Car: $0.00
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