Illinois was recently ranked one of the worst states in the country for property taxes.
The study was conducted by WalletHub and calculated each state’s effective real estate tax rate by dividing the annual taxes of a median priced home in the state by the state’s median home value.
The study ranked all 50 states and Washington D.C., and placed Illinois as No. 50 with an effective tax rate of 2.32 percent — ahead of only New Jersey.
In Illinois, the median home value is $174,800, which would come with annual taxes of $4,058. For a $185,000 home in Illinois (approximately the median value of U.S. homes in 2016), the annual taxes come out to $4,288.
The best-ranked state was Hawaii, with an effective tax rate of 0.27 percent. The median value of a Hawaiian home is $538,400, with annual taxes of $1,459. For a $185,000 home in Hawaii, the annual taxes would be $501.
|Effective Tax Rate||Taxes on $185k Home||Median Home Value||Annual taxes on median value home|