๐๏ธ Property Taxes in the US
Property taxes fund local schools, roads, and emergency services. They vary wildly by state โ from 0.28% in Hawaii to 2.23% in New Jersey. On a $400K home, that's a difference of $7,800 per year.
๐บ๏ธ Highest Property Tax States (2026)
- New Jersey โ 2.23% (avg $9,300/yr on $400K home)
- Illinois โ 2.08%
- Connecticut โ 2.14%
- New Hampshire โ 1.93%
- Texas โ 1.60% (no state income tax)
๐๏ธ Lowest Property Tax States
- Hawaii โ 0.28%
- Alabama โ 0.36%
- Nevada โ 0.53%
- South Carolina โ 0.53%
- Colorado โ 0.51%
๐ก Homestead Exemptions
Many states offer homestead exemptions that reduce your taxable value by $25Kโ$100K. Florida's is especially generous โ up to $50K off your assessed value. Check your county assessor's site.