If the frigid temperatures haven’t run you out of the area just yet, WalletHub’s latest report may make you reconsider your residential status not only in the Chicagoland area, but in the entire state of Illinois.
The personal finance site just released its list of the real estate property tax rates by state, in order from lowest to highest rate, and Illinois ranked 50th on the list. This makes the Illinois tax rate the second highest in the U.S, at 2.31 percent.
Although Illinois is near the bottom of the list, it is not the only state with a costly rate. New Jersey has the highest real-estate property tax rate in the country, at 2.44 percent. Just above Illinois is New Hampshire in the 49th spot, with a rate of 2.20 percent, and Connecticut comes in 4th with a 2.07 percent tax rate. Wisconsin is in the 47th spot with a rate of 1.94 percent.
Luckily, for Illinois residents who own both a car and a property, the state does not have a vehicle property tax, unlike the 27 other states that do.
Researchers at WalletHub analyzed the real-estate and vehicle property tax rates in all 50 states and the District of Columbia to create the list, and consulted with a panel of property-tax experts for practical and political insight included in their report.
To view the full results, visit WalletHub.com