(WFRV) – A new study from WalletHub has compiled a list of the states that pay the highest annual average total in property taxes per year.
WalletHub’s study added that according to the U.S. Census Bureau, the average American household pays about $2,969 on property taxes annually, but where does Wisconsin rank amongst real-estate property taxpayers in the country?
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According to the study, Wisconsinites come in at No. 8 for the nation’s highest real estate property taxes (including the District of Columbia), based on four factors compiled into the rankings.
WalletHub compiled its rankings for the category ‘Real-Estate Property Tax Rates by State’ with the following stats:
- Effective real-estate tax rate – Wisconsin: 1.51%
- Annual taxes on a $303,400 home, (median U.S. home value, 2023) – Wisconsin: $4,594
- Median home value in state – Wisconsin: $247,400
- Annual taxes on state’s median value home – Wisconsin: $3,746
Wisconsin’s southern neighbor, Illinois, ranked No. 2 in the nation for the highest real-estate tax payments, paying an average of $6,285 annually on the 2023 median American home value of $303,400.
Wisconsin’s median home value of $247,400 ranks in the bottom half of the nation, coming in at the No. 20 lowest home value, just behind Illinois at $250,500 and ahead of North Dakota at $241,100.
Wisconsin was sandwiched between Nebraska and Texas, whose residents pay real-estate tax rates of 1.50% and 1.58%, respectively.
According to the study, real-estate property tax rates were scored by dividing the ‘median real-estate tax payment’ by the median home price rating.
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The study also included vehicle property tax rates; however, Wisconsinites don’t pay those, so the state was tied with 25 other states (including D.C.) for the lowest.
Click this link for more details and statistics regarding U.S. Census Bureau Data.
