States with the lowest, highest property tax rate (2024)

FAQs

States with the lowest, highest property tax rate? ›

The states with lowest property tax include Hawaii with the lowest property tax rate at 0.29%, followed by states like Alabama, Colorado, Nevada, and Louisiana. New Jersey has the highest property tax rate at 2.47%, followed by Illinois, Connecticut, New Hampshire, and Vermont.

Sadly for investors, the answer is no, there are no states without property tax. This is because property tax is a useful way for local governments to fund public services such as schools, fire and police departments, infrastructure and libraries.

According to the updated MoneyGeek analysis, the most “tax friendly” state overall was Wyoming, where the median family owes about 3% of its income in taxes. Meanwhile, 12 states earned either a D or F grade for tax burdens. For some of those states, like Oregon, high personal income tax rates are to blame.

Massachusetts and Oregon have the lowest exemption levels at $1 million, and Connecticut has the highest exemption level at $9.1 million. Of the six states with inheritance taxes, Nebraska has the highest top rate at 18 percent. Maryland—which also has an estate tax—imposes the lowest top rate at 10 percent.

How much is property tax on a $300000 house in California? The property tax on a $300,000 house in California would be approximately $2,310 per year. This is based on the average effective property tax rate of 0.77%.

The top two states to retire in according to our formula are — drumroll please — Alaska and New Hampshire! Alaska has the lowest tax burden of any state at 5.06%.

What state has no income tax? ›

Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the only states that do not levy a state income tax. Note that Washington does levy a state capital gains tax on certain high earners.

What states have no sales tax? There are five states with no general statewide sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon. These are sometimes referred to as the NOMAD states (“N” for New Hampshire, “O” for Oregon, and so forth).

Overview of Michigan Taxes

Michigan has some of the highest property tax rates in the country. The Great Lake State's average effective property tax rate is 1.32%, well above the national average of 0.99%. Not in Michigan?

Florida Property Taxes

The state's average effective property tax rate is 0.80%, which is lower than the U.S. average (0.99%). The typical homeowner in Florida pays $2,338 annually in property taxes, although that amount varies greatly between counties.

Many Coloradans pay higher than average taxes, even adjusted for income. Despite effective tax rates being lower than average, the rapid increase in home values in Colorado over the past decade has made an impact. Colorado has the 27^th lowest median property tax payment in the nation.