Report ranks Connecticut sixth highest in real estate taxes
Connecticut continues to be one of the most expensive states to live in the United States.
According to a recent study by the financial website WalletHub, Nutmeg State homeowners spend an average of $3,357 on real estate property taxes each year compared to the national average of $2,127.
Only five states — Texas, Wisconsin, New Hampshire, Illinois, and New Jersey — have higher real estate taxes, the report said. WalletHub used the median home value in America — $176,000 — to produce its real estate tax numbers.
Looking at Connecticut more closely, the report highlighted that the state median home value was $274,500, with $5,244 being spent annually on taxes — the second highest, trailing only New Jersey.
In addition, the report said that from 2007 to 2016, Connecticut has remained among the highest in real estate tax rates.
“Considering these figures and the debt-fueled environment to which we have grown so accustomed, it should come as no surprise that roughly $11.8 billion in property taxes go unpaid each year, according to the National Tax Lien Association,” said Diana Popa, WalletHub’s communications manager in a press release Tuesday, March 8.
Spending on cars
On the open road, Connecticut residents aren’t catching any breaks either.
Of the 27 states that shell out an average of $412 a year on vehicle property taxes, Connecticut drivers spend the fourth most — $642 per car with a 2.78% tax rate — in the country. Only Mississippi, Virginia and Rhode Island have higher annual taxes on vehicles.
WalletHub’s 2016 Property Taxes by State report used $23,000 as the set value in determining vehicle property taxes.
The report explained that “$23,070 is the value of a 2016 Toyota Camry LE four-door sedan, the highest-selling car of 2015.”