Spending on your home doesn't end with the fee you paid upon purchasing the property, nor after the renovations and mortgages. There are also property taxes attached to it. CoreLogic analyzed the real estate property taxes in the United States and revealed that if you're living in Illinois, you are probably paying the highest property taxes than those who reside in other parts of the nation.
Chicago Tribune reported that according to the analysis, for a $200,000 home, a homeowner in Illinois is paying an annual tax of $5,340. That is more than twice that national median property tax of $2,620 at the rate of 1.31 percent.
Coming in second with the highest median property tax rate is New York with 2.53 percent, followed by New Hampshire with 2.4 percent and then New Jersey with 2.37 percent. Meanwhile, Hawaii has the lowest median property tax rate of 0.31 percent, followed by South Dakota with 0.38 percent and Alabama with 0.54 percent.
CBS Chicago cited Civic Federation CEO Laurence Msall saying that part of the blame can be pinned to persistent budge gridlock in Springfield which consequently forced the local government to push property taxes up.
The results of the study by CoreLogic naming Illinois with the highest property taxes come after the Illinois House passed a property tax freeze bill on April 21. As reported by Illinois Policy, some homeowners would find a tax relief through the House Bill 696 that would freeze property taxes across the state.
The bill now moves to the Senate for a vote after receiving 71 yes votes, 31 no votes and five representatives voting present in the Illinois House last week, Illinois Policy said. It is hoped to benefit many homeowners as property taxes continue with the upward trend while household income growth remains sluggish.
