Introduction
Property taxes can be a burden on homeowners, especially for those living in certain states. When it comes to the lowest property tax rates, there are several states that stand out. In this article, we'll be looking at the top states with the lowest property tax rates in 2023. We'll look at why they're so affordable, and what other benefits they offer that might make them attractive to potential homeowners.
Hawaii
When it comes to low property taxes, Hawaii leads the pack with an effective rate of 0.27% - the lowest in the country. This means that if you buy a home worth $300,000, you'll only pay $810 in property taxes per year. Hawaii has a lot of other benefits too, including a tropical climate and some of the most beautiful beaches in the world. Plus, there's no state income tax.
Alabama
Alabama is another state with low property tax rates, coming in at an effective rate of 0.43%. This is slightly higher than Hawaii, but still significantly lower than many other states. Property taxes in Alabama are capped at 1% of the home's assessed value, so even if you buy a more expensive home, you won't be paying more than $10,000 in property taxes per year. Plus, there's no state income tax.
Louisiana
Louisiana is the third state on our list with an effective rate of 0.45%. Like Alabama, property taxes in Louisiana are capped at 1% of the home's assessed value, so you won't be paying more than $10,000 in taxes per year. Louisiana also has a lot of other benefits to offer, including a mild climate, a vibrant culture, and some of the best food in the country.
Delaware
Delaware is the fourth state on our list with an effective rate of 0.46%. Property taxes in Delaware are also capped at 1% of the home's assessed value, so you won't be paying more than $10,000 in taxes per year. Delaware also offers some great benefits, including a low cost of living, a vibrant culture, and a great beachfront location.
Tennessee
Tennessee is the fifth state on our list with an effective rate of 0.57%. Property taxes in Tennessee are also capped at 1% of the home's assessed value, so you won't be paying more than $10,000 in taxes per year. Tennessee has a lot of other benefits too, including a mild climate, a vibrant culture, and some of the best music in the world.
Oklahoma
Oklahoma is the sixth state on our list with an effective rate of 0.61%. Property taxes in Oklahoma are also capped at 1% of the home's assessed value, so you won't be paying more than $10,000 in taxes per year. Oklahoma also offers some great benefits, including low housing costs, a vibrant culture, and some of the best outdoor activities in the country.
Wyoming
Wyoming is the seventh state on our list with an effective rate of 0.63%. Property taxes in Wyoming are also capped at 1% of the home's assessed value, so you won't be paying more than $10,000 in taxes per year. Wyoming also has some great benefits, including a low cost of living, a vibrant culture, and some of the best outdoor activities in the world.
Utah
Utah is the eighth state on our list with an effective rate of 0.65%. Property taxes in Utah are also capped at 1% of the home's assessed value, so you won't be paying more than $10,000 in taxes per year. Utah also offers some great benefits, including low housing costs, a vibrant culture, and some of the best outdoor activities in the country.
Conclusion
These eight states have some of the lowest property tax rates in the country. Whether you're looking for an affordable place to live, or just want to enjoy the benefits that come with living in a low-tax state, any of these states could be a great choice. Plus, all of these states offer great climates, vibrant cultures, and plenty of outdoor activities to enjoy.
