Illinois Has 2nd Highest Property Taxes in U.S.

Illinois Has 2nd Highest Property Taxes in U.S.


rankings-2010-2017-real-estate-tax_-states

Source: WalletHub

 

No surprise, probably, but WalletHub’s rankings of “2020’s Property Taxes by State” shows Illinois as No. 50 out of 51.

New Jersey was the only state (including Washington, D.C.) with a higher property-tax ranking.

“Depending on where you live, property taxes can be a small inconvenience or a major burden,” WalletHub says in its summary.

The average American household spends $2,375 on property taxes for their homes each year, according to the U.S. Census Bureau.

In Illinois, we shell out $4,705 — that’s the annual taxes on $205,000 home.

“Considering these figures and the rising amount of debt in America, it should come as no surprise that more than $14 billion in property taxes go unpaid each year, the National Tax Lien Association has found,” WalletHub said.

WalletHub points out that renter households aren’t exempt from property taxes. Rental units make up 36 percent of households, but property taxes “impact the rent we pay as well as the finances of state and local governments.”

WalletHub analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes. (Just FYI, Illinois is among the 24 states tied for first with zero vehicle property taxes.)

Click this link for additional findings and a full description of methodology.

It’s perhaps worthy of note that the percentage of tax burden from Kane County and Forest Preserve District of Kane County actually has gone down in recent years.

Most of your property tax money in Kane County goes to local public schools. In most years, more than 68 percent of your property tax dollars are going to local education.

Real-Estate Property Tax Rates by State

Rank
(1=Lowest)

State

Effective Real-Estate Tax Rate

Annual Taxes on $205K Home*

State Median Home Value

Annual Taxes on Home Priced at State Median Value

1 Hawaii 0.27% $560 $587,700 $1,607
2 Alabama 0.42% $854 $137,200 $572
3 Colorado 0.53% $1,076 $313,600 $1,647
3 Louisiana 0.53% $1,091 $157,800 $840
5 District of Columbia 0.55% $1,122 $568,400 $3,113
6 Delaware 0.56% $1,153 $244,700 $1,377
7 South Carolina 0.57% $1,174 $154,800 $887
8 West Virginia 0.59% $1,208 $115,000 $678
9 Wyoming 0.61% $1,247 $213,300 $1,298
10 Arkansas 0.63% $1,290 $123,300 $776
11 Nevada 0.64% $1,303 $242,400 $1,542
11 Utah 0.64% $1,319 $256,700 $1,653
13 Arizona 0.69% $1,408 $209,600 $1,440
14 Idaho 0.72% $1,473 $192,300 $1,382
15 Tennessee 0.73% $1,490 $158,600 $1,153
16 California 0.76% $1,557 $475,900 $3,617
17 New Mexico 0.79% $1,617 $166,800 $1,316
18 Virginia 0.81% $1,667 $264,900 $2,155
18 Mississippi 0.81% $1,654 $114,500 $924
20 Montana 0.84% $1,712 $219,600 $1,835
21 North Carolina 0.85% $1,741 $165,900 $1,410
22 Kentucky 0.86% $1,766 $135,300 $1,166
22 Indiana 0.86% $1,761 $135,400 $1,164
24 Oklahoma 0.90% $1,842 $130,900 $1,177
25 Georgia 0.91% $1,855 $166,800 $1,510
26 Florida 0.93% $1,902 $196,800 $1,827
27 Missouri 0.97% $1,987 $151,600 $1,470
28 North Dakota 0.99% $2,025 $185,000 $1,828
29 Washington 1.01% $2,065 $311,700 $3,142
29 Oregon 1.01% $2,061 $287,300 $2,890
31 Maryland 1.09% $2,243 $305,500 $3,344
32 Minnesota 1.13% $2,310 $211,800 $2,388
33 Alaska 1.18% $2,423 $265,200 $3,136
34 Massachusetts 1.23% $2,518 $366,800 $4,508
35 South Dakota 1.32% $2,706 $159,100 $2,101
36 Maine 1.36% $2,793 $184,500 $2,515
37 Kansas 1.41% $2,882 $145,400 $2,045
38 Iowa 1.56% $3,195 $142,300 $2,219
39 Michigan 1.58% $3,240 $146,200 $2,312
39 Ohio 1.58% $3,227 $140,000 $2,205
41 Pennsylvania 1.59% $3,257 $174,100 $2,767
42 Rhode Island 1.66% $3,407 $249,800 $4,154
43 New York 1.71% $3,497 $302,200 $5,157
44 Nebraska 1.77% $3,634 $147,800 $2,621
45 Texas 1.81% $3,703 $161,700 $2,922
46 Vermont 1.88% $3,853 $223,700 $4,206
47 Wisconsin 1.91% $3,904 $173,600 $3,308
48 Connecticut 2.11% $4,317 $272,700 $5,746
49 New Hampshire 2.20% $4,498 $252,800 $5,550
50 Illinois 2.30% $4,705 $187,200 $4,299
51 New Jersey 2.47% $5,064 $327,900 $8,104

*$204,900 is the median home value in the U.S. as of 2018, the year of the most recent available data.

SOURCE: WalletHub

Read The 2019 Property Tax Series