No surprise to me… One website has compiled a comprehensive list of property taxes by state, and Illinois finishes at the bottom. There is only one state in the US that has a worse property tax rate than Lincoln Land, check out the depressing numbers here…
WalletHub released the 2023 property tax list by state, and unsurprisingly, Illinois finished second to last in the country. On the site they say…
“To determine the states with the highest and lowest property taxes, WalletHub compared the 50 states and the District of Columbia using data from the US Census Bureau to determine real estate tax rates”
The only state where property taxes are worse than Illinois? New Jersey. The site compiles this data and ranks the states by what they call the “effective real estate tax rate” Illinois is 2.23% compared to New Jersey which is 2.47% and the only other states around 2% are Connecticut and New Hampshire. According to their calculations, they say the average Illinois family will pay $5,465 for the house for about $244,000. Where do Illinois neighbors end up on this list? Missouri ranks 29th, Iowa ranks 42nd, Wisconsin ranks 44th, and Indiana ranks 21st. To see the full list yourself click here!
If you’re wondering why so many people are relocating from Illinois, this list is all the proof you need. I’ll say it again, for cold climate states to be competitive with warm climate states, your taxes need to be lower than those in warm climate states. But this is just my opinion…
