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Friday, April 26, 2024
News Politics Springfield

DATA: Illinois has second highest real estate taxes in nation

By  Chad Merda
   
SHARE DATA: Illinois has second highest real estate taxes in nation

You might be dreading that upcoming deadline to file your income taxes, and while we don’t intend to pile on, there’s more bad tax news if you live in Illinois.

It comes from WalletHub and focuses on real estate taxes across the nation. Only one state — New Jersey — has higher real estate taxes than Illinois and the difference is only by a few dollars.

Illinois’ average real estate tax is $3,939, while New Jersey’s is $3,971.

Hawaii has the lowest average tax rate ($482), while Alabama is second at $752. Indiana comes in at No. 23 ($1,507) and Wisconsin is No. 48 ($3,398).

Nationwide, the average American household spends $2,089 on property taxes for their homes each year.

From WalletHub:

And while property taxes may appear to be a non-issue for the 36% of people who rent their homes, that couldn’t be farther from the truth. We all pay for property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.

Click on each state to see where it ranks:

Source: WalletHubThis is just one more bit of bad news for Illinois taxpayers. An earlier WalletHub report showed Illinois has one of the most unfair tax systems.

Another report from the Institute on Taxation & Economic Policy placed Illinois’ flat income tax in the “Terrible Ten” across the country.

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