As if you needed another reason to move to Hawaii: the Aloha State is home to the nation’s lowest average property tax, as a share of a home’s value. (In case you need a reason to avoid New Jersey: it’s home to the highest.)
Residents of 36 states paid somewhere between 0.5 percent and 1.5 percent of their home’s value in property taxes from 2007 to 2011, according to the report. In some parts of the Northeast, Midwest and Texas, rates were much higher, but it was also generally true that states with high property tax burdens tended to have few or no other local taxes, the authors found.
All told, property taxes were north of 1.5 percent of a home’s value in 11 states: Connecticut, Illinois, Michigan, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Texas, Vermont, and Wisconsin. Taxes in just three states — Hawaii, Delaware and Louisiana — were below 0.5 percent of home value.
While property taxes vary by county, most levy about $1,000 in property taxes per homeowner at a rate below one percent of their home’s value, the report concludes.
CLARIFICATION: This post previously failed to mention the Brooking Institution’s involvement with the report and misidentified the authors’ affiliation.
