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When thinking about buying a property in another state, perhaps the foremost concern for buyers is the affordability of home prices.But another factor should be considered: annual state property taxes.While property taxes are often fairly small in percentage terms, relatively expensive median home prices can result in higher tax bills than those in cheaper states with higher tax rates.For example, Hawaii has the cheapest property tax rate in the country at 0.
Meanwhile, Mississippi's tax rate is 0.76%, but has a median home price of $151,000, meaning median property taxes would be $1,145 a year.States with high property taxes and high median prices have it worst: homeowners in New Jersey pay $9,345 a year on the median home price.In a recent report, WalletHub compiled state property tax percentages along with median home prices and calculated the median annual property tax for homeowners in the state.
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