The total amount one pays for a home can vary significantly depending on location—and the yearly property taxes that come along with the home. CoreLogic's Dominique Lalisse examines the real cost of owning property in each state of the nation.
The analysis found that the median property tax rate in the country is 1.31%. So for example, a home valued at $200,000 will, on average, yield an annual total of $2,620 in property taxes.
Illinois is the state with the highest median property tax rate at 2.67%, while Hawaii is the lowest with 0.31%. 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.