Looking to Buy a House? These U.S. States Will Cost You Big Time

Meghan Rooney
PHOTO:

Sérendipité Designs

Nothing comes cheap anymore and that includes living. Like it or not, property taxes are unavoidable as they help fund education and other necessities for cities, counties, and states across the U.S. Though everyone pays a certain price, property in specific states comes at an exceptional cost, especially if you’re situated in the Northeast or Upper Midwest. Money released results from WalletHub’s recent review of the property taxes of all 50 states, which highlights the variances from the nationwide average property tax of up to $2089. Check out the list below to find out if your state ranks as one with the highest property taxes.

  1. New Jersey. It may be nicknamed the armpit of America because with an average of $3971, it's safe to say that property taxes in New Jersey stink.
  2. Illinois. The high average property tax has spurred the state’s governor, Bruce Rauner, to propose the halt of local property tax increases without voter approval. Illinois's average property tax tallies in at $3939.
  3. New Hampshire. You don't pay income or sales tax (so you can splurge on your wardrobe), but you do have to pay an average $3649 in property taxes, which helps make up the difference.
  4. Wisconsin. Not only do the state's residents eat a lot of cheese, but they spend a lot to live there with an average property tax ringing in at $3398.
  5. Texas. The state is big and the property taxes are, too. Texas averages $3327 and the number continues to grow. Over the last 20 years, the state has seen property taxes triple.

Head over to Money to check out the other five states in the top 10 and to discover where you can expect to find the lowest property tax. (Hint: Say aloha to the West.)

Looking to save for your first home? Shop these personal finance apps and make your dream a reality.

Are you surprised by these rankings? Tell us in the comments below.

Add a Comment

More Stories
1