Illinois Has The 2nd Highest Property Taxes In The Nation
The average American household spends $2,279 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $440.
Personal-finance site WalletHub took a look at the property tax picture state-by-state to come up with their report entitled "2019’s Property Taxes by State." Not surprisingly to those of us who write the checks--Illinoisans carry a very large tax burden.
Here's what WalletHub's numbers-crunchers looked at to make their determinations:
"...which states have the largest property tax load, and what should residents keep in mind when it comes to meeting and minimizing their tax obligations? In search of answers, we analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes."
First, let's look at the 5 states demanding the least in property taxes from their residents:
5) District of Columbia
Next, we get to the 5 states demanding the most:
1) New Jersey
3) New Hampshire
So, we've got the 2nd highest property taxes in the nation, right here in Illinois. Here's WalletHub's breakdown of Illinois' specific 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: $4,157
- Real-Estate Tax on Median U.S. Home Value: $4,476
- Vehicle Property Tax on Best-Selling Car: $0.00