Colorado ranks 4th in the nation for lowest real estate property taxes, according to a new report.
Hawaii, Alabama and Louisiana were ranked as the states with the lowest real estate property tax rates, while New Jersey, Illinois and New Hampshire had the highest.
The report, “2019 Property Taxes by State,” released Tuesday by finance website WalletHub, compared the 50 states and the District of Columbia based on real estate and vehicle property taxes.
Key results for Colorado (1 = lowest , 25 = average) include:
- 4th — real estate property tax
- 39th — vehicle property tax
- $1,575 — real estate tax on median state home value
- $1,065 — real estate tax on median U.S. home value
- $434.65 — vehicle property tax on best selling car
Among Colorado’s neighboring states, Wyoming ranks 9th, New Mexico is 17th, Oklahoma is 24th, Kansas is 37th and Nebraska comes in at No. 44.
“Depending on where you live, property taxes can be a small inconvenience or a major burden,” the report stated. “The average American household spends $2,279 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $440.
“Considering these figures and the rising amount of debt in America, it should come as no surprise that more than $14 billion in property taxes go unpaid each year, the National Tax Lien Association has found.”
See the full report at wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585.