States with the Highest Property Taxes

One of the main responsibilities of a homeowner is to pay property taxes, and to avoid late fees or, even worse, foreclosures, property taxes have to be paid and paid on time. Property tax is used to pay for road construction and maintenance, schools and any municipal employees. According to CBS News, the average annual property tax is $2,089; and about $15 billion worth of homes are foreclosed each year due to tax delinquencies. Here are the states with highest property taxes.

Vermont median home value is $218,300, and average property tax is $2,934.
Michigan average property tax $3,168, and median home value is $117,500.
Nebraska tax is $3,228 with a median home value of $132,700.
Connecticut residents pay $3,301 in property taxes and median home price is $267,000
Texas average home prices is $132,000 and residents pay $3,327 property tax on average.
Wisconsin has an average home price of $163,000 and the property tax is $3,398 on average.
New Hapmshire property tax is $3, 649 and average home price is $233,300.
Illinois residents pay $3,939 in taxes and the average home prices is $169,600.
The residents of New Jersey have to pay #3,971 property tax on average; average home price is $307,700. High taxes are the reason why people are moving out of the state.

In many states, there is an option to homestead a property, which provides property tax exemptions; in addition; homestead exemption provides protection from losing your home to other creditors. In some states, the relief is only partial since some of it still used for local schools. Before you decide where to buy a house, make sure you know how much you will have to pay in property taxes and check if homestead exemption is available in your state.

 

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