(WGHP) — How does your state stack up when it comes to property tax?
WalletHub conducted a study to see each state’s property tax burden for both real estate tax and vehicle tax.
Property taxes can vary depending on where you live, but WalletHub says the average American household spends $2,471 on property taxes for their homes each year and residents of the 27 states with vehicle property taxes shell out another $445.
More than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association.
Real Estate Taxes
The map indicates that the highest property taxes are in New Jersey, with an effective rate of 2.49%. The lowest real estate property taxes are in Hawaii, with an effective rate of 0.48%. But don’t plan moves too soon, because Hawaii still has the highest median home price in the country at over $600,000.
North Carolina ranks at number 20, with an effective rate of 0.84%, and an affordable $174,000 for median home prices.
You can see how home taxes have changed over the past decade as well.
Vehicle Property Taxes
27 states charge property tax for vehicle ownership.
Of the states that have a vehicle tax, Louisiana ranks at the lowest, with an effective rate of 0.10%, which comes out to about $25 for a $25,000 car.
North Carolina is just seven spots below Louisiana, with an effective rate of 1.20%, or about $304 dollars for a $25,000 car.
Property taxes can impact what we drive and where we live, so it’s important to remember the type of tax obligations will vary from place to place.
