FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

posted on 15 May 2016

Comparing The Real Cost Of Owning Property Across The United States

from CoreLogic

-- this post authored by Dominique Lalisse

The accurate estimation of the amount of property taxes in any given area throughout the country is a challenging task due to the complexity and heterogeneity of property taxation in the United States. The total amount can include property taxes paid to multiple agencies with varying formulae, including both fixed and variable components.

To provide a meaningful comparison of property tax rates among states, all existing levels of collection need to be considered. In New York for example, one might pay taxes to a county, a village and a school district; whereas in Florida, one might only pay county taxes.

Using its comprehensive data on property values and tax rates at the local level, CoreLogic has calculated the median overall property tax rates nationally and by state. Taking into consideration all taxing and collection entities, the analysis provides a complete state-level picture of the "cost of owning real property." The rate differences among states do not directly translate into cost-of-living differences since the actual amounts paid are also a function of property values, but they do reflect the annual cost of owning a set amount of real property and, as such, provide an accurate comparison.

Median Property Tax Rates

According to CoreLogic data, the average median property tax rate across the nation is 1.31 percent, which means a homeowner with a home valued at $200,000 will, on average, pay annual total property taxes of $2,620. Illinois has the highest median property tax rate at 2.67 percent, and Hawaii has the lowest median property tax rate at 0.31 percent. Figure 1 provides the median property tax rates for all states and the District of Columbia.

While higher median tax rates are seen primarily among states in the northeast, a notable exception is Texas, which has a median property tax rate of 2.17 percent. Typically, the states with the highest property tax rates, with the exception of Illinois, have multiple levels of tax collection. Conversely, the majority of states with low median tax rates have a single level of collection at the county level. Other than Hawaii, the lowest median property tax rates are primarily in the Rocky Mountain region and southeastern states.

Figure 2 shows the distribution of states by median property tax categories indicating that:

  • 16 states, or 31 percent of the U.S., have a median property tax rate of less than 1 percent

  • 28 states, or 55 percent of the U.S., have a median property tax rate of between 1 and 2 percent

  • 7 states, or 14 percent of the U.S., have a median property tax rate of more than 2 percent

Given the many differences in taxing agencies in various communities, it's important to analyze specifics at the local level in order to truly compare apples to apples.

Dingxi Qiu contributed to this analysis.

​© 2016 CoreLogic, Inc. All rights reserved.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.

You can also comment using Facebook directly using he comment block below.

Econintersect Contributors


Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Take a look at what is going on inside of
Main Home
Analysis Blog
Comments on Feyerabend’s ‘Against Method’, Part III
Taking a Wrench to Healthcare
News Blog
Infographic Of The Day: Commodity Update, Is The Summer Slump Over
Early Headlines: Asia Stocks Mixed, Oil Mixed, Voting Fraud, Pres. Forecast Little Changed, CETA Not Dead, Generous Iraqis, Terrorists In Pakistan, Duterte Wants Divorce From US And More
October 24, 2016 Weather and Climate Report - La Nina / El Nino?
Most Read Articles Last Week Ending 22 October
Londoners Most Uneasy About Chatting To Strangers
Average Gasoline Prices for Week Ending 24 October 2016 Now Higher Than One Year Ago
Earnings And Economic Reports: Week Starting 24 October 2016
New Findings: Anxiety Is Linked To Death From Cancer In Men
Nearly 1 In 6 European Adults Is Considered Obese
Acupuncture Is Useless
September 2016 CFNAI Super Index Moving Average Declines
Consequences Of Rising Income Inequality
America's Most Competitive Renters: Why Many Are Choosing To Rent
Investing Blog
Slow Motion Torture
The Week Ahead: How Long For This Trading Range?
Opinion Blog
What Triggers Collapse?
The Beer Goggles Stock Market
Precious Metals Blog
Preparing For Post-Election Social Unrest
Live Markets
24Oct2016 Market Close: Wall Street Closes Higher, Quietly On Low Volume, Crude Back Up, US Dollar Trading At Resistance, Investors Remain Skeptical On Continuing Bullish Market
Amazon Books & More

.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

Crowdfunding ....



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved