Owning property comes with expected expenses, including property taxes. Knowing the property tax rankings in 2024 is one more way to make an informed decision when purchasing a home as it does affect the homeowner’s overall budget.
What are property taxes?
Property tax is an ad-valorem tax. In other words, it is a tax based on a property’s assessed value. A percentage of the assessment is paid to the local government where the property is located. Property taxes are based on the value of your property and the tax rate set by your local government.
Which states have the lowest property taxes?
According to reports, property tax rankings in 2024 have Hawaii, known for stunning landscapes and beautiful beaches, with some of the lowest property tax rates with an average of 0.29%.
Did you know Alabama comes in second?
With an average property tax rate of 0.43%, Alabama remains one of the few states with an average below 1.0%. To share the numbers, the median home value in Alabama is $172,300, meaning the median property tax paid is $742.
Completing the top five lowest property tax rankings in 2024 is Colorado at 0.52%, Nevada at 0.55% and Utah at 0.57%. But depending on the median home value, that figure could still be higher than the estimated property tax in certain Alabama counties.
Which states have the highest property taxes?
On the other hand, several states have an average property tax rate well above 1.0%. Coming in at number one, New Jersey has an average property tax rate of 2.46%! Followed by Illinois at 2.29%, Connecticut at 2.16%, New Hampshire at 2.09% and Texas at 1.90%.
Summary
Are you wondering what Lee County’s specific property tax rate is? Just ask your local expert! When you contact Ryan Roberts, he can tell you Lee County’s average property tax rate is 0.58%. From there, you can discuss your budget, what type of home you want and more. Learn more about Ryan, Lee County and beyond by reading our blogs.