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Wisconsin Ranks 43rd in Property Tax Affordability
Wisconsin is a bottom-ten state when it comes to property tax bills.
Wallethub this week released a report on all 50 states, and what homeowners are paying in property taxes.
Wisconsin is ranked 43rd out of the 50 states.
"The average U.S. household pays $3,119 per year in property taxes on their home, according to the U.S. Census Bureau," the report stated. "While property taxes may seem irrelevant to the 35% of households that rent, that assumption misses the mark. Whether paid directly or indirectly, nearly everyone bears the cost of property taxes, as they influence rental prices and help fund state and local governments."
Wallethub’s rankings are based on the median property bill, based on the state’s median home price. In Wisconsin that median price is $266,500 according to the report. That means a $3,792 property tax bill is 1.4% of the cost to own a home.
“Some states charge no property taxes at all, while others charge an arm and a leg. Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the overall cost of living, when deciding on a city," Wallethub's Chip Lupo said.
New Jersey’s property taxes are the worst in the nation according to the report. Homeowners there pay a median of $9,590 in property taxes. Illinois is the second worst, with a median property tax bill of $5,298.
Hawaii is, surprisingly, the best in the nation. The median property tax bill there is $2,239, or just 0.27% of the price of a home.
Minnesota comes in at 32nd on the list with a $3,357 property tax bill. Michigan is ranked 38th, with a median property tax bill of $2,904. And Iowa is ranked 42nd, one spot ahead of Wisconsin, with a median property tax bill of $2,897.
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