Depending on where you live, property taxes can be a small inconvenience or a major burden. According to the financial website WalletHub, the average American household spends $2,690 on property taxes for their homes each year, and residents of the 26 states with vehicle property taxes shell out another $444.
Considering these figures and the massive amount of debt in America, it should come as no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association.
And though property taxes might appear to be a non-issue for the 35% of renter households, that couldn’t be further from the truth. As WalletHub declares, everyone pays property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.
But which states have the largest property tax load, and what should residents keep in mind when it comes to meeting and minimizing their tax obligations? In search of answers, WalletHub analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes.
According to WalletHub’s analysis, the ten places with the lowest property taxes are 1) Hawaii 2) Alabama 3) Colorado 4) Nevada 5) Louisiana 5) South Carolina 7) District of Columbia 8) Delaware 8) Utah 10) West Virginia
As WalleetHub pointed out, only 25 states and the District of Columbia have vehicle property taxes. Among the states that do tax vehicles, the website ranked them from lowest taxes to highest taxes.
The survey revealed that Virginia has the highest vehicle property taxes in the country.
Among the states with vehicle taxes, the following states were ranked by WalletHub as the places with the highest vehicle taxes.:
- New Hampshire 41. Wyoming 43. Nevada 44. Kansas 45. Connecticut 46. Massachusetts 47. Maine 48. South Carolina 49. Missouri 50. Mississippi 51. Virginia