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Want to save cash? Avoid these places with pricy property taxes


WalletHub recently ranked all 50 states by both their real estate and vehicle taxes. Coming out on top for property taxes was sunny Hawaii, with a tax rate of just 0.27 percent. Taxes on a $185,000 home there run just $501 per year. On a median-priced home ...


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Posted 03/01/2018 by Aly JYale Aly JYale is a mortgage and real estate writer based in HoustonConnect with her at AlyJYale.com or on Twitter Share This Page .resp-sharing-button__link, .resp-sharing-button__icon { display: inline-block } .resp-sharing-button__link { text-decoration: none !important; color: #fff !important; margin: 0.5em } .resp-sharing-button { border-radius: 5px; transition: 25ms ease-out; padding: 0.5em 0.75em; font-family: Helvetica Neue,Helvetica,Arial,sans-serif } .resp-sharing-button__icon svg { width: 1em; height: 1em; position: relative; bottom: -1px; margin-right: 7px; } .resp-sharing-button span { padding-left: 0.4em } /* Non solid icons get a stroke */ .resp-sharing-button__icon { stroke: #fff; fill: none } /* Solid icons get a fill */ .resp-sharing-button__icon--solid, .resp-sharing-button__icon--solidcircle { fill: #fff; stroke: none } .resp-sharing-button--twitter { background-color: #55acee } .resp-sharing-button--twitter:hover { background-color: #2795e9 } .resp-sharing-button--pinterest { background-color: #bd081c } .resp-sharing-button--pinterest:hover { background-color: #8c0615 } .resp-sharing-button--facebook { background-color: #3b5998 } .resp-sharing-button--facebook:hover { background-color: #2d4373 } .resp-sharing-button--tumblr { background-color: #35465C } .resp-sharing-button--tumblr:hover { background-color: #222d3c } .resp-sharing-button--reddit { background-color: #5f99cf } .resp-sharing-button--reddit:hover { background-color: #3a80c1 } .resp-sharing-button--google { background-color: #dd4b39 } .resp-sharing-button--google:hover { background-color: #c23321 } .resp-sharing-button--linkedin { background-color: #0077b5 } .resp-sharing-button--linkedin:hover { background-color: #046293 } .resp-sharing-button--email { background-color: #777 } .resp-sharing-button--email:hover { background-color: #5e5e5e } .resp-sharing-button--xing { background-color: #1a7576 } .resp-sharing-button--xing:hover { background-color: #114c4c } .resp-sharing-button--whatsapp { background-color: #25D366 } .resp-sharing-button--whatsapp:hover { background-color: #1da851 } .resp-sharing-button--facebook { background-color: #3b5998; border-color: #3b5998; } .resp-sharing-button--facebook:hover, .resp-sharing-button--facebook:active { background-color: #2d4373; border-color: #2d4373; } .resp-sharing-button--twitter { background-color: #55acee; border-color: #55acee; } .resp-sharing-button--twitter:hover, .resp-sharing-button--twitter:active { background-color: #2795e9; border-color: #2795e9; } .resp-sharing-button--google { background-color: #dd4b39; border-color: #dd4b39; } .resp-sharing-button--google:hover, .resp-sharing-button--google:active { background-color: #c23321; border-color: #c23321; } .resp-sharing-button--linkedin { background-color: #0077b5; border-color: #0077b5; } .resp-sharing-button--linkedin:hover, .resp-sharing-button--linkedin:active { background-color: #046293; border-color: #046293; } .resp-sharing-button--reddit { background-color: #5f99cf; border-color: #5f99cf; } .resp-sharing-button--reddit:hover, .resp-sharing-button--reddit:active { background-color: #3a80c1; border-color: #3a80c1; } Facebook Twitter Google+ LinkedIn Reddit As Seen On Want to save cash? Avoid these places with pricy property taxes Aly JYale The Mortgage Reports Contributor The priciest property taxes Property taxes vary greatly across the country, either representing a mere blip on the radar or a massive, savings-depleting annual costWant to make sure yours fall into the former category? Then avoid New Jersey – and head to Hawaii. Verify your new rate (Mar 5th, 2018) All hail Hawaii WalletHub recently ranked all 50 states by both their real estate and vehicle taxesComing out on top for property taxes was sunny Hawaii, with a tax rate of just 0.27 percentTaxes on a $185,000 home there run just $501 per yearOn a median-priced home for the area ($538K), they clock in at just under $1,500. For comparison’s sake, the average American pays $2,197 in property taxes annuallyIn the 27 states that have vehicle taxes, they pay about $436 a year. Get property tax discounts via the Homestead Exemption Also coming in with low tax rates and average annual tax payments were Alabama, Louisiana, Delaware and the District of ColumbiaThough Alabama has the second-lowest tax rate, it claims the single lowest property taxes when taking the median home value into considerationResidents who own a $128K home – the state’s median price – pay just $550 a year. Verify your new rate (Mar 5th, 2018) Where to avoid If you’re hoping to avoid sky-high property taxes, then steer clear of New JerseyThe state claims the nation’s highest tax rate at 2.40 percentOn a $185K home, a resident would pay more than $4,400 in annual property taxes – 8.9 times the costs Hawaiians faceOn a median-priced home of $316K? They’d pay upwards of $7,600 a year. One more reason to buy a rental property: tax cuts for landlords Other states with high property tax rates were Illinois, New Hampshire, Connecticut and Wisconsin. According to Stephen JLusch, Professor of Accounting in the Neeley School of Business at Texas Christian University, buyers should carefully consider location if property taxes are a concern. “In states where property taxes are high, such as my home state of Texas, the location of your property can make a big difference though,” Lusch said“There are areas of the Dallas/Fort Worth metroplex where if you purchase a house a block or two over, you may pay a few thousand dollars less in property taxes per year, because the property falls into a different county, city, school district, etc.” Get today’s mortgage rates Want to buy in one of the nation’s low-property tax areas? Shop around and see what mortgage rates you qualify for now. Verify your new rate (Mar 5th, 2018) Aly JYale The Mortgage Reports Contributor Aly JYale is a mortgage and real estate writer based in HoustonConnect with her at AlyJYale.com or on Twitter The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full BeakerThe views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates. Try the Mortgage Calculator Resources Get Today's Rates Mortgage Calculator View Loan Limits SIGN UP Stay informed on the mortgage news that interests you. Related Articles Before making a 20 percent mortgage down payment, read this How to cancel FHA MIP or conventional PMI mortgage insurance FHA Loan With 3.5% Down vs Conventional 97 With 3% Down Complete guide to VA home loans [current_year] View Today's Mortgage Rates How Much Home Can You Afford? 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