Rate shock: study finds NH has third-highest median property tax.
New Hampshire has the third-highest median property tax rate in the United States, according to a recently released survey by real estate data analytics firm CoreLogic.
CoreLogic said that the state with the highest median property tax rate is Illinois, at 2.67 percent.
After Illinois, the four states with the highest median property tax rates are New York (2.53 percent), New Hampshire (2.40 percent), New Jersey (2.37 percent) and Texas (2.17 percent). Only seven states have median property tax rates higher than 2 percent, CoreLogic said.
The company said that it's historically been challenging to compare property taxes between states, since the total amount of property taxes can be paid to different agencies, including, as in New Hampshire, counties, municipalities and school districts.
CoreLogic said it calculated the median overall property tax rate at the national and state level, taking into consideration all taxing and collection entities in order to provide a complete picture of the cost of owning real property.
Nationally, the median property tax rate is 1.31 percent. This means that a home valued at $200,000 will, on average, pay annual total property taxes of $2,620. Thus in New Hampshire, the 2.40 percent rate means that the owner of a home valued at $200,000 would be taxed $4,800. On the other end of the spectrum, Hawaii, at 0.31 percent, has the lowest median property tax, followed by South Dakota (0.38 percent), Alabama (0.54 percent), Wyoming (0.65 percent) and Colorado (0.66 percent). Also, according to CoreLogic, 16 states have a median property tax rate of less than 1 percent and 28 states have a median property tax rate between 1 and 2 percent.
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|Title Annotation:||New Hampshire|
|Publication:||New Hampshire Business Review|
|Article Type:||Brief article|
|Date:||May 27, 2016|
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