Michigan Ranks As The 9th Worst State For Property Taxes
Michigan made another top 10 list, but this one isn't a good one unless you like paying taxes (spoiler alert: no one likes to pay taxes). Property taxes are like a little, hidden fee for owning a home that a lot of people don't even think about until tax season. Well, if you live in Michigan, this "hidden fee" becomes quite apparent in April.
Michigan was ranked the 9th worst state for property taxes by WalletHub.com.
The Top 10 Worst States for Property Taxes
- New Jersey
- New Hampshire
- New York
That doesn't necessarily mean that we have the abnormally high property taxes, but we have a really high "effective real-estate tax rate". That rate is determined by dividing the “median real-estate tax payment” by the “median home price” in each state.
In order to determine the states with the highest and lowest property taxes, WalletHub compared the 50 states and the District of Columbia by using U.S. Census Bureau data to determine real-estate property tax rates and applying assumptions based on national auto-sales data to determine vehicle property tax rates.
The cheapest state for "effective real-estate tax rate" is Hawaii. WalletHub also goes on to rank "Vehicle Property Tax" by State as well. Michigan is 26th on that list. You can check out the entire blog here.