connecticut has third-highest real estate property taxes in the country: walletHub
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By Bailey Wright | Published on February 18, 2025
Connecticut has the third-highest real estate property taxes in the country, according to a new study from WalletHub.
The study shows Connecticut’s annual taxes on a home priced at the state’s media value of $343,200 is $6,575 annually.
For a home priced at $303,400- the median value for a home in the United States as of 2023- the annual taxes would be $5,813.
That makes the effective real estate tax rate 1.92 percent, according to WalletHub.
WalletHub ranked New Jersey with the highest real estate propety taxes in the country and Illinois in the second top slot. In New Jersey, experts said someone with a median-priced home of $427,600 would pay $9,541 in annual property taxes.
Source: WalletHub
At the bottom of the list is Hawaii, with an annual tax on a median-valued home of $808,200 being just $2,183.
“Some states charge no property taxes at all, while others charge an arm and a leg. Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the overall cost of living, when deciding on a city,” WalletHub Analyst Chip Lupo said.
WalletHub found Republican-led states imposed lower property taxes than Democrat-run ones.
As for vehicle property taxes, Connecticut ranks eighth-highest in the country, with the annual taxes on a $29,000 vehicle being about $605.
Virginia tops the list with $1,139 in taxes on the same priced vehicle, and at the bottom of the list are about 27 states that impose no vehicle property tax.
Sen. Ryan Fazio and Sen. Stephen Harding released a statement Tuesday in response to the real estate property tax ranking.
“Property taxes are crushing the budgets of CT working class families and small businesses. Senate Republicans want to reduce taxes across the board and put a cap on property taxes in order to put $1,000 back in people’s pockets,” their statement read, in part.