Property Taxes…

There’s a lot of talk about interest rates and the effect they will have on the real estate market, but what about property taxes? I have had a number of clients lately complain about the cost of property taxes on their home.

Did you know Illinois has the second highest property taxes in the United States? Only New Jersey is higher.

For a $250,000 home in Illinois, the average property tax bill is about $6,200. In Kentucky, it would be about $2,100 a year. Indiana also would be about $2,100 a year. Missouri would be about $2,400 a year.

Shockingly, Hawaii has one of the highest average home prices ($615,300) but the lowest property tax at only about $600 a year.