Illinois’ high real estate tax is a low point for the state

Marc FilippinoReboot Illinois

April 06, 2017

If you’re a homeowner, think about the reasons you chose the location of your current residence.

You probably looked at whether the neighborhood is safe, if it’s part of a good school district and if it has amenities like grocery stores close by. Oh, and you definitely looked at whether the property taxes were cheap.

Some states have some wildly high property taxes, while others, in comparison, are laughably low. Time Magazine notes some states have high property taxes because they lack in other revenue-generating areas like tourism. That’s why states like Hawaii have historically low real-estate taxes.

However, lack of tourism isn’t the only reason for high property taxes. Take New Jersey. It has a perfect storm real estate tax situation. New Jersey is located next to several major cities, (New York, Philadelphia, Baltimore and Washington D.C.) and it has 130 miles of coastline, contributing to highly sought after beachfront property. Time notes New Jersey also relies heavily on property taxes for revenue which contributes to the high cost of living in the Garden State.

Those are some of the reasons New Jersey is ranked dead last in WalletHub‘s list that ranks states by property taxes. Their study looked at data from the U.S. Census Bureau as well as the median real estate tax payment and the median home prices in each state.

So do you know how Illinois compares? See which states have the lowest property taxes in the country and keep scrolling to see where Illinois lands on the list.  

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1. Hawaii

Effective real estate tax rate: .27 percent

Annual taxes on $179,000 home: $487

State median home value: $515,300

Annual Taxes on home priced at state median value: $1,406

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2. Alabama

Effective real-estate tax rate: .43 percent

Annual taxes on $179,000 home: $773

State median home value: $125,500

Annual Taxes on home priced at state median value: $543

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3. Louisiana

Effective real-estate tax rate: .49 percent

Annual taxes on $179,000 home: $876

State median home value: $144,100

Annual taxes on home priced at state median value: $707

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4. Delaware

Effective real-estate tax rate: .54 percent

Annual taxes on $179,000 home: $959

State median home value: $231,500

Annual taxes on home priced at state median value: $1,243

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5. District of Columbia

Effective real-estate tax rate: .56 percent

Annual taxes on $179,000 home: $1,000

State median home value: $475,000

Annual taxes on home priced at state median value: $2,665

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6. South Carolina

Effective real-estate tax rate: .57 percent

Annual taxes on $179,000 home: $1,019

State median home value: $139,900

Annual taxes on home priced at state median value: $798

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7. West Virginia

Effective real-estate tax rate: .58 percent

Annual taxes on $179,000 home: $1,044

State median home value: $103,800

Annual taxes on home priced at state median value: $607

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8. Colorado

Effective real-estate tax rate: .6 percent

Annual taxes on $179,000 home: $1,073

State median home value: $247,800

Annual taxes on home priced at state median value: $1,489

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9. Wyoming

Effective real-estate tax rate: .61 percent

Annual taxes on $179,000 home:  $1,097

State median home value: $194,800

Annual taxes on home priced at state median value: $1,196

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10. Arkansas

Effective real-estate tax rate: .62 percent

Annual taxes on $179,000 home: $1,111

State median home value: $111,400

Annual taxes on home priced at state median value: $693

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11. Utah

Effective real-estate tax rate: .68 percent

Annual taxes on $179,000 home: $1,218

State median home value: $215,900

Annual taxes on home priced at state median value: $1,472

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12. New Mexico

Effective real-estate tax rate: .74 percent

Annual taxes on $179,000 home: $1,324

State median home value: $160,300

Annual taxes on home priced at state median value: $1,188

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13. Tennessee

Effective real-estate tax rate: .75 percent

Annual taxes on $179,000 home: $1,335

State median home value: $142,100

Annual taxes on home priced at state median value: $1,062

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14. Idaho

Effective real-estate tax rate: .76 percent

Annual taxes on $179,000 home: $1,335

State median home value: $142,100

Annual taxes on home priced at state median value: $1,062

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15. Mississippi

Effective real-estate tax rate: .79 percent

Annual taxes on $179,000 home: $1,408

State median home value: $103,100

Annual taxes on home priced at state median value: $813

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16. Virginia

Effective real-estate tax rate: .80 percent

Annual taxes on $179,000 home: $1,420  

State median home value: $245,000

Annual taxes on home priced at state median value: $1,948

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T-17. California

Effective real-estate tax rate: .81 percent

Annual taxes on $179,000 home: $1,438

State median home value: $385,500

Annual taxes on home priced at state median value: $1,948

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T-17. Arizona

Effective real-estate tax rate: .81 percent

Annual taxes on $179,000 home: $1,446

State median home value: $167,500

Annual taxes on home priced at state median value: $1,356

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T-19. Montana

Effective real-estate tax rate: .85 percent

Annual taxes on $179,000 home: $1,525

State median home value: $193,500

Annual taxes on home priced at state median value: $1,652

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T-19. Kentucky

Effective real-estate tax rate: .85 percent

Annual taxes on $179,000 home: $1,511

State median home value: $123,200

Annual taxes on home priced at state median value: $1,042

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T-19. North Carolina

Effective real-estate tax rate: .85 percent

Annual taxes on $179,000 home: $1,524

State median home value: $154,900

Annual taxes on home priced at state median value: $1,322

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T-19. Nevada

Effective real-estate tax rate: .85 percent

Annual taxes on $179,000 home: $1,523

State median home value: $173,700

Annual taxes on home priced at state median value: $1.481

Here are the five states with the highest property taxes in the country.

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47. Wisconsin

 

Effective real-estate tax rate:  1.96 percent

Annual taxes on $179,000 home: $3,499

State median home value: $165,800  

Annual taxes on home priced at state median value: $3,248

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48. Connecticut

Effective real-estate tax rate:  1.97 percent

Annual taxes on $179,000 home: $3,517

State median home value:  $270,500

Annual taxes on home priced at state median value: $5,327

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49. New Hampshire

Effective real-estate tax rate:  2.15 percent

Annual taxes on $179,000 home: $3,838

State median home value:  $237,300

Annual taxes on home priced at state median value: $5,100

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50. Illinois

Effective real-estate tax rate:  2.3 percent

Annual taxes on $179,000 home: $4,105

State median home value:  $173,800

Annual taxes on home priced at state median value: $3,995

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51. New Jersey

Effective real-estate tax rate:  2.35 percent

Annual taxes on $179,000 home: $4,189

State median home value:  $315,900

Annual taxes on home priced at state median value: $7,410

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