New tax rules that residents of five states will not like
The recent federal tax code revises limits on contributions to state and local taxes, which include property taxes. This can be a costly treat for taxpayers in many states, writes Money Talks.
WalletHub recently published a state property tax rating. They shed light on those who will pay more when the tax time comes.
The financial data website reports that the average American family spends $ 2 197 on property taxes annually.
For each state and Washington, DC, WalletHub calculated annual property taxes for a house worth $ 184 700. This is the average cost of housing in the US, according to the latest Census Bureau data.
Based on these calculations, here are the 5 states with the highest real estate taxes:
- New Jersey: $ 4 437
- Illinois: $ 4 288
- New Hampshire: $ 4 038
- Connecticut: $ 3,733
- Wisconsin: $ 3,602.
The state where property tax is the least paid is Hawaii. For a house worth $ 185 000 annual tax is $ 501.
In 27 states that charge vehicle taxes, the average cost is $ 436 per year.
The five states with the highest vehicle taxes (for the 2018 cost in February, the 4-door sedan Toyota Camry LE, the best-selling car 2017 of the year):
- Rhode Island: $ 1 144
- Virginia: $ 971
- Mississippi: $ 813
- South Carolina: $ 651
- Connecticut: $ 609.
Among 27 states that impose taxes on transportation, Louisiana has the lowest number. Taxes on a car worth $ 24 000 will cost you only $ 24 per year.
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