The amount you pay in property taxes can greatly vary depending on where you live.
Median real estate taxes paid can range from the low hundreds to over $7,000.
Although the locations of the states with the lowest property taxes ranged across the country, the South had many ranking in the best 10 states for lowest property taxes.
Depending on where you live, you can escape taxes like income tax and sales tax in the U.S. Property taxes, however, are not the same. And no matter where you settle down, you’ve got to cough up some amount come tax season.
That being said, you can minimize property taxes’ effect on your finances. Property tax rates vary significantly across the U.S., not just state-by-state, but county-by-county within states. In all calculations of property tax, the amount comes down to a percentage of your home’s assessed value.
Keep reading to see how your state’s property taxes measure up against the cheapest rates in the U.S.
Best States for Property Taxes
GOBankingRates conducted a study to determine which states had the lowest property taxes. The study was based on two principal factors: the average effective state property tax rate and the median amount paid annually in property taxes. States were given a score and then ranked in descending order, with the No. 1 state having the lowest property taxes.
The top seven states with the lowest property taxes are as follows:
Low property taxes are great when your focus is saving money. However, property taxes are also a crucial source of revenue for localities and state governments. They’re responsible for funding public schools and the quality of education received.
7 States With the Lowest Property Taxes
Read on to get more details about the states with the lowest property taxes.