States With the Highest and Lowest Property Taxes

What Are Property Taxes?

Property taxes are taxes on real estate levied by state and sometimes local governments. They’re a major source of revenue for these government entities, and go to pay for services that most state residents need, such as schools, public transportation, emergency services, parks and recreation, and public health services.

Property taxes are determined by the assessed value of your property, including land value. So even in a state with low tax rates, the owner of a $600,000 home will pay more in property taxes than the owner of a $250,000 home. In states and municipalities where there are state, local, and sometimes even hyper-local property taxes — say, for example, a school district tax — the tax rates are combined as a single rate. WalletHub’s most recent analysis of property tax rates is based on figures from the 2019 census, and calculates the per-state tax rate on a home valued at $217,500. Rates range from 0.28 percent of home value, or $606 in Hawaii, to 2.49 percent, or $5,419, for a $217,500 home in New Jersey, the state with the highest property tax rates.

Below, we take a look at the states with the highest and lowest property tax rates and evaluate median home prices and some quality of life indicators.

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