In this article, we will reveal the 10 states with the lowest property taxes in 2024. We have carefully ranked these states based on factors such as average home values, property tax rate percentages, and annual property tax amounts. It's important to have a clear understanding of the taxes you may have to pay on your house, especially considering the current average home value in the United States.
Exploring the States with the Lowest Property Taxes
Let's dive into the 10 states that offer the lowest property taxes this year. But before we do, let's take a quick look at some related blog posts that might interest you:
- 10 Best States to Buy a House in 2024
- 10 Cheapest States to Live in Right Now
- Top 20 Cities to Live in the U.S. Ranked Best to Worst
Key Findings of Our Research
Here are some key findings from our research on property taxes:
- The national average annual property tax rate is 1.10%, amounting to $3,909.66 per year.
- Hawaii has the lowest property taxes among all 50 U.S. states, with a tax rate of 0.28%.
- Nevada not only has the lowest property taxes but also doesn't have any income taxes.
- Alabama has the lowest average annual property taxes, amounting to $904.72, which is 0.41% of its average home value of $220,663.56.
Hawaii: The State with the Lowest Property Taxes
In 2024, Hawaii stands out as the state with the lowest property tax rate in the entire country, at only 0.28%. This rate is significantly lower than the national average of 1.10%. However, it's crucial to consider that although the tax rate is low, the actual amount paid in property taxes can still be substantial due to the high property values in Hawaii. The average home value in Hawaii is $972,884, which is $610,544 higher than the national average.
List of States with Cheapest Property Taxes in 2024
If you're looking for states with affordable property taxes, here's a list of the top 10 states ranked from lowest to highest:
- Hawaii: 0.28%
- Alabama: 0.41%
- Colorado: 0.51%
- Nevada: 0.55%
- Louisiana: 0.56%
- South Carolina: 0.56%
- Delaware: 0.58%
- Utah: 0.58%
- West Virginia: 0.59%
- Wyoming: 0.61%
List of States with Low Property Taxes and No Income Tax
For those seeking states with not only low property taxes but also no income tax, here's a list of nine states ranked from lowest to highest:
- Nevada: 0.55%
- Wyoming: 0.61%
- Tennessee: 0.66%
- Florida: 0.86%
- Washington: 0.94%
- Alaska: 1.22%
- South Dakota: 1.24%
- Texas: 1.80%
- New Hampshire: 2.18%
About the Author
Brian Reese, a senior advisor and co-owner at District Lending, is one of the world's leading experts in veteran benefits. Since 2013, he has helped millions of veterans secure their financial future. Brian is also the founder of VA Claims Insider, a coaching and consulting company dedicated to educating and empowering veterans to obtain the VA disability benefits they've earned. As a military veteran himself, Brian has deployed to Afghanistan in support of Operation Enduring Freedom. He holds an MBA and is a distinguished graduate of the United States Air Force Academy.
"District Lending brings to life my life's mission of helping people live happier and wealthier lives. We believe in integrity, honesty, and transparency, which is why our rates are right on our website. With lower rates and zero lending fees, you can buy your dream home for less. The savings are passed on to you—the way it should be." - Brian Reese, Advisor and Co-Owner, District Lending