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Can You Guess Which State Is Ranked As The ‘Most Expensive’ For Homeowners? Here’s A Hint — It’s Not California Or New York

In Business
June 03, 2024

Purchasing a home comes with significant costs beyond just the mortgage. Property taxes stand out as a perpetual expense, varying widely depending on location. For some homeowners, this can mean an annual bill ranging from $1,000 to $9,000.

Here are the 10 states with the highest median property tax bills, using data from the U.S. Census Bureau and reported by Kiplinger. They are the most expensive places to live in the U.S.

Washington State

Median Property Tax: $4,158

Washington State ranks as the tenth most expensive state for property taxes. This is mainly due to its high median home values. On the upside, homeowners here don’t face a capital-gains tax on real estate and benefit from no state income tax.

California

Median Property Tax: $4,700

California’s property taxes are significant, despite the state’s lower effective property tax rate. High home values push the median property tax bill close to $4,700. However, the state’s diverse real estate market includes some more affordable areas, balancing the overall tax burden.

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Rhode Island

Median Property Tax: $4,776

Rhode Island may be the smallest state, but its property taxes are hefty, with a median bill exceeding $4,700. Additionally, the state imposes an estate tax on estates valued over $1.77 million, further increasing the financial burden on residents.

Vermont

Median Property Tax: $4,900

Vermont’s property tax burden is high, with median bills reaching nearly $4,900. While the state offers a property tax credit of up to $8,000, overall costs remain steep. Vermont also imposes an estate tax with a $5 million exemption, impacting wealthier residents.

Illinois

Median Property Tax: $5,055

Illinois homeowners face one of the highest property tax burdens, with median bills over $5,000. The state also has an estate tax with a $4 million exemption. On the positive side, Illinois does not tax retirement income, making it somewhat attractive for retirees.

Massachusetts

Median Property Tax: $5,584

Massachusetts ranks fifth with median property tax bills exceeding $5,500. The state also imposes an estate tax on estates valued at over $2 million. A recent millionaire tax adds an extra 4% on incomes over $1 million.

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New York

Median Property Tax: $6,303

New York is known for high property taxes, with a median bill of over $6,000. While no estate tax exists, a current lawsuit might lead to higher taxes for wealthy property owners. Changes in the tax system could further increase the burden for high-value property owners.

New Hampshire

Median Property Tax: $6,372

New Hampshire has the third highest property taxes, with a median bill of $6,372. The state’s high tax rate of 1.89% contributes to this cost. However, New Hampshire does not impose a state income tax and plans to repeal its tax on interest and dividends next year.

Connecticut

Median Property Tax: $6,484

Connecticut’s median property tax bill is close to $6,500. The state taxes Social Security benefits and has an estate tax, though its exemption is more generous than in some other states. These taxes might make Connecticut less favorable for retirees.

New Jersey

Median Property Tax: $9,395

New Jersey has a median property tax bill of over $9,000. High home values and the country’s highest effective property tax rate contribute to this. While there’s no estate tax, some heirs might face inheritance taxes ranging from 11% to 16%.

For homeowners, these states represent the highest ongoing property tax expenses in the U.S. impacting long-term financial planning and cost of living.

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This article Can You Guess Which State Is Ranked As The ‘Most Expensive’ For Homeowners? Here’s A Hint — It’s Not California Or New York originally appeared on Benzinga.com

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