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The personal finance website WalletHub ranked Illinois 50th for
real estate property taxes. Of the 50 states and the District of
Columbia, only New Jersey ranked lower.
The study shows the average American household spends $2,869 on
property taxes for their homes each year, but researcher
Cassandra Happe said it is much higher in Illinois.
“The median home value is $239,100, and that comes out to $5,055
in real estate taxes every year,” said Happe.
Happe said Illinois is one of only three states with an
effective property tax rate over 2%.
State Sen. Jason Plummer, R-Edwardsville, said to make matters
worse, Gov. J.B. Pritzker wants to raise taxes as outlined in
his budget proposal.
“Illinois is already the most overtaxed people in the country,”
said Plummer. “We have the largest tax burden of any state, and
just piling onto that with more taxes and more taxes.”
The three states with the lowest property tax rates are Hawaii,
Alabama and Colorado.
The study showed that on average, “red” states, where
Republicans control state government, imposed lower real estate
property taxes than “blue” states, where Democrats are in
control.
“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,” said Happe.
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