Illinois Has The 2nd Highest Real-Estate Property Taxes In The U.S.
If you own a home in Illinois this probably isn't news to you but it may make you feel like it's a "time to move" moment.
Wallethub's study of states with the lowest and highest property taxes shows just how much you pay in the Land of Lincoln.
Out of the 50 states including the District of Columbia, Illinois has the 2nd highest real-estate property taxes in the U.S.
Taxed at 2.30%, Illinois trails only New Jersey's 2.47% for highest in America. Illinois also shells out, on average, $4,705 yearly in taxes on a $205,000 home. That number is also second highest again just behind New Jersey.
The big difference between New Jersey and even New Hampshire, which isn't far behind Illinois when it comes to real estate property taxes, is how much the homes are actually valued.
In New Jersey, the average home is worth $327,900 and New Hampshire checks in at $252,800. Illinois home values average around $187,200.
The high taxes and low return on investment have to make Illinois homeowners scratch their head or maybe it's been "oh well" for so long now, you're just used to it.