Washington, D.C. Has Some of the Lowest Property Taxes in the Nation
Property taxes certainly factor into one’s decision on what city or state to buy a home. Recently, the personal finance website WalletHub released a handy ranking of property taxes by state (see below), and Washington D.C. is one among the top cheapest places when it comes to property taxes.
Coming in at No. 5, D.C. has a .56 percent real estate tax rate, or $2,665 in annual taxes on a home priced at the state median value of $475,800. The ranking pulls from U.S. Census Bureau data, which says the average American household spends $2,149 on property taxes each year.
Hawaii came in as the cheapest state for taxes, with Alabama, Louisiana, and Delaware rounding out the top five.
The states where the tax burden is heaviest? New Jersey, Illinois, New Hampshire, Connecticut, and Wisconsin have the highest property taxes. Check out the infographic below made by WalletHub that shows real estate tax rankings by state.