The real estate tax figures released by the Tax Foundation this week are from 2014, but that’s the most recent data available.
Presented, along with other information is the effective tax rate for each state.
“This is the average amount of residential property tax actually paid, expressed as a percentage of home value,” the organization explains.
Here’s the summary, which Illinois made:
“New Jersey has the highest effective rate at 2.11 percent and is followed closely by New Hampshire (1.99 percent) and Illinois (1.98 percent).
“On the other end of the spectrum, Hawaii has the lowest effective rate at 0.28 percent, and is followed closely by Alabama (0.40 percent), Louisiana (0.50 percent), and Wyoming (0.51 percent).”
Of course, because the effective tax rate is so low in Chicago, the 1.98% calculated for Illinois is far below what it is outside of Cook County.
Figure out your own.
Divide your tax bill by what you could sell your home for.
Note that the average homeowner in Illinois paid about $2,000 in 2014.