States with the Lowest Property Tax – Check the list of Top 10!

The taxable value of a residence serves as the basis for property taxes, which vary depending on the real estate’s value and tax rate. Hawaii has the lowest property tax rate, at 0.29%, among the states with the lowest property taxes; to be aware of others read the full article.

States with the Lowest Property Tax

A purchaser’s finances can be made or broken by property taxes. If you reside in a state in the United States with a higher property tax, this is particularly true. For instance, New Jersey has the highest estate tax bracket in the US (2.47%), while Hawaii has the smallest rate (0.29%). 

What is the property tax and what are the bases for it?

In the US, municipal governments are in charge of collecting property taxes, which are typically determined by the property’s worth. State by state and county by county, the rates are different. 

One of the most important factors in calculating the yearly earnings on a property that is rented is the evaluated valuation of the home, which also determines property taxes. A property tax rate, or mill levy, is used by certain municipalities. 

The taxable value of a piece of real estate is determined as a proportion of its actual market value. When making judgments concerning property taxes, one should take into account the actual property tax rates per state, which are based on the mean for the last five years of US Census data.

Full list of states with the lowest property tax

Here is the full list of states that have the lowest property tax in the world. 

Hawai (0.29%) 

  • A property tax rate of 0.29% is the lowest in the United States, in Hawaii. $662,100 is the mean value of a property in the Hawaiian state. 
  • Hawaii has a typical yearly real estate tax payment of $1,893, and its housing value is marginally larger than that of the Garden State, with a productive property tax rate of 2.47%.

Alabama(0.41%)

  • Alabama has a low property tax rate of 0.41%, a median house value of $157,100, and is a very inexpensive state. 
  • Its income inequality is high despite having the third-lowest cost of expenses throughout the nation. Property taxes for householders in this state average $646 per year.

Colorado (0.51%)

States with the Lowest Property Tax

  • Colorado is the sixth-highest province in terms of home median value ($397,000), although it has the third-lowest real estate tax rate (0.51%).
  • However, typical real estate taxes paid by householders are $2,838.13, which is the second amount in the United States. Colorado boasts one of the nation’s lowest rates of poverty.

Nevada (0.55%)

  • Nevada’s property tax rate of 0.55% is the fourth cheapest in the country. However, this state’s property average value of $315,900 is $34,000 more than the $281,900 national average. 

South Carolina (0.56%)

  • South Carolina offers an accessible livelihood with an ordinary house value of $181,800 and reduced average real estate taxes. With a property tax rate of 0.56%, it ranks fifth lowest in the US.
  • South Carolina has a more affordable cost of living than the national average because of its cheaper typical real estate taxes ($1,024 yearly).

Louisiana(0.56%)

  • At 0.56%, the property tax rate in this state is the number six lowest in the nation. At $174,000, it also has the 13th-lowest average home value. 
  • The typical yearly real estate tax paid by householders in Louisiana is $983, which is more than $1,886 less than the national average.

District of Columbia (0.57%)

  • The District of Columbia has the seventh-lowest property tax rate in the nation, at 0.57%.  At $635,900, the average value of a home in the United States is the second-highest. 
  • The District of Columbia’s average property taxes paid by households are about $800 more than the federal average.

Utah (0.58%)

  • Utah has the eighth-lowest property tax rate in the nation, at 0.58%. The typical house value in this State of $345,300 is the tenth highest in the nation, and the state’s typical real estate taxes are $1,967 per year, which is $900 less than the national average.

Delaware(0.58%)

  • Delaware has the ninth-lowest estate tax rate in the nation, at 0.58%. The average value of a home in the state is $269,700, somewhat less than the $281,900 national median. 

West Virginia(0.59%)

  • West Virginia, at a rate of 0.59%, is among the ten states with the lowest property taxes. The typical property value in this State is $128,800, which is $153,100 less than the national average, while the typical real estate tax is $756, which is $2,113 less than the national average.

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