Shock! Connecticut Among Highest Taxed States

red and blue states

From Wallet Hub:

Property taxes. They’re insignificant to some and the bane of others’ existence. The average American household spends $2,089 on property taxes for their homes each year, and residents of the 27 states with vehicle property taxes shell out another $423. Roughly $15 billion-worth of homes are also foreclosed upon as a result of property tax delinquencies each year, according to a 2012 study by the National Tax Lien Association.

And while property taxes may appear to be a non-issue for the 36% of people who rent their homes, that couldn’t be farther from the truth. We all pay for property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.

But which states pack the biggest property tax punch and what should residents keep in mind when it comes to meeting and ultimately minimizing their obligations? In search of answers, we analyzed the 50 states and the District of Columbia in terms of real estate and vehicle property taxes. We also consulted a panel of leading property tax experts for insights both practical and political.

Full story here.

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