Property taxes on a $2 million home in Illinois are $47,200 more than in Hawaii
Illinois has the highest median property tax rate at 2.67%, according to new data from CoreLogic on taxes throughout the U.S. New York has the second highest at 2.53%, followed by New Hampshire and New Jersey at 2.4% and 2.37% respectively.
At the other end of the scale, Hawaii has the lowest rate of 0.31%. Hot on its heels was South Dakota at 0.38% and Alabama at 0.54%. For a buyer of a $2 million home, this means that they would pay $47,200 less in property taxes if they bought a home in Hawaii compared with Illinois.
Median property tax rates in the U.S.
CoreLogic
“Property tax rates vary by state, and the total amount can include property taxes paid to multiple agencies within a community. In New York, for example, one might pay taxes to a county, a village and a school district; whereas in Florida, one might only pay county taxes,” said CoreLogic.
“As a result of the variables, accurate estimates of the amount of property taxes throughout the U.S. is challenging. CoreLogic has calculated the median overall property tax rate at the national and state level, taking into consideration all taxing and collection entities in order to provide a complete picture.”
Nationally, the median property tax rate is 1.31%. This means that a buyer of a home valued at $2million will, on average, pay annual total property taxes of $26,200. For a $5 million property it would be $65,500 and for a $10 million it would be $131,000.
Around 16 states have a median property tax rate of less than 1%, 28 states have a median property tax rate between 1% and 2% and seven states have a rate of more than 2%.
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