Depending on where you live, property taxes can be a small inconvenience or a major burden. How do Arizona property taxes rank? The average American household spends $2,869 on property tax for their homes each year, according to the U.S. Census Bureau, and residents of the 26 states with vehicle property taxes shell out another $448.
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Property taxes might appear to be a non-issue for the 35% of people who rent their homes, but that couldn’t be further from the truth. We all pay property tax, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.
But which states have the largest property tax load, and what should residents keep in mind when it comes to meeting and minimizing their tax obligations? In order to determine who pays the most relative to their state, the personal-finance website WalletHub today released its Property Taxes by State in 2024 report. The report compares home and vehicle taxes across the nation.
Property Taxes in Arizona (1st=Lowest; 25th=Avg.):
- Real-Estate Property Tax Rank: 10th
- Vehicle Property Tax Rank: 38th
- Real-Estate Tax on Median State Home Value: $1,786
- Real-Estate Tax on Median U.S. Home Value: $1,567
- Vehicle Property Tax on Best-Selling Car: $444
“Some states charge no property taxes at all, while others charge an arm and a leg,” according to Wallethub analyst Cassandra Happe. “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.”
For the full report, visit https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585
