Study: CT real estate, car taxes higher than in almost all other states
As most people in Connecticut might suspect, Connecticut residents pay some of the highest property taxes on real estate and vehicles in the country.
Connecticut residents pay the sixth highest amount on real estate, with the average tax bill being $3,301, and the fifth highest amount on motor vehicles, with the average tax levy being $630.
Connecticut was one of only two states to make the Top Ten lists in both categories (the other was Rhode Island). See both Top Ten lists at the end of this article.
Well above the average here
According to WalletHub, the average American household spends $2,089 on real estate property taxes each year, and residents of the 27 states with vehicle property taxes shell out another $423.
Roughly $15 billion-worth of homes are also foreclosed upon as a result of property tax delinquencies each year, according to the National Tax Lien Association.
The nation’s lowest real estate property taxes were in Hawaii, with an average of $482.
Some of the interesting facts that surfaced during the WalletHub study were:
— Real estate taxes are eight times higher in New Jersey than in Hawaii.
— 27 states levy some sort of vehicle property tax. Such taxes are 13 times higher in Rhode Island than in Montana.
— Real estate property taxes in the average Blue State ($2,250) are 39% higher than those in the average Red State ($1,613).
Highest real estate taxes
1. New Jersey ($3,971)
2. Illinois ($3,939)
3. New Hampshire ($3,649)
4. Wisconsin ($3,398)
5. Texas ($3,327)
6. Connecticut ($3,301)
7. Nebraska ($3,228)
8. Michigan ($3,168)
9. Vermont ($2,934)
10. Rhode Island ($2,779)
Highest vehicle property taxes
1. Rhode Island ($1,133)
2. Virginia ($962)
3. Kansas ($905)
4. Mississippi ($743)
5. Connecticut ($630)
6. Missouri ($595)
7. Maine ($551)
8. Massachusetts ($517)
9. South Carolina ($416)
10. Wyoming ($413)
WalletHub promotes itself as a social network and website that will “help you make smarter decisions.”
It was created in 2012 and offers information on loans, bank rates, credit cards, insurance and related topics. Learn more at www.WalletHub.com.