The average family spends more than $2,140 on property taxes each year, but homeowners in Illinois have one of the highest real-estate tax rates in the country, according to a study by WalletHub.
On a list that ranks all the 50 states and the District of Columbia on how high their property taxes are, Illinois ranks 50th. That means, on average, Illinoisans have some of the highest property tax rates in the country, falling right in front of 51st ranked New Jersey.
The effective real-estate tax rate in Illinois is 2.3%. It’s almost an entire percent less in Iowa, which has a 1.48% rate, and ranks 38th on the list.
Hawaii residents have the lowest tax rate, at .27%. Click here to see the full list.
In order to create the rankings, WalletHub compared all 50 states and Washington D.C. with U.S. Census Bureau data to figure out the real-estate property tax rates. Analysts divided the “median real-estate tax payment” by the “median home price”