But you might be surprised to know exactly how high they are.
According to the personal finance website WalletHub, Connecticut has the fourth highest real-estate property taxes in the nation.
Each year, the average American household spends $2,149 on real-estate property taxes plus another $402 for residents of the 27 states — including Connecticut — with vehicle property taxes.
In order to determine who pays the most relative to their state, the personal-finance website WalletHub released its 2017 Property Taxes by State report, which compares home and vehicle taxes across the nation and features insights from a panel of experts.
Here are the rankings for Connecticut — with 1st being the lowest and 51st being the highest:
- Real-Estate Property Tax Rank: 48th
- Vehicle Property Tax Rank: 48th
- Real-Estate Tax on Median State Home Value: $5,327
- Real-Estate Tax on Median U.S. Home Value: $3,517
- Vehicle Property Tax on Best-Selling Car: $555.15
Which state ranked as the worst? Here are the five states with the highest property tax rates:
- 51: New Jersey, Effective Real-Estate Tax Rate: 2.35%
- 50: Illinois, Effective Real-Estate Tax Rate: 2.30%
- 49: New Hampshire, Effective Real-Estate Tax Rate: 2.15%
- 48 Connecticut, Effective Real-Estate Tax Rate: 1.97%
- 47 Wisconsin, Effective Real-Estate Tax Rate: 1.96%
Which state ranked as the best? For the five states with the lowest property tax rate:
- 1: Hawaii, Effective Real-Estate Tax Rate: 0.27%
- 2: Alabama, Effective Real-Estate Tax Rate: 0.43%
- 3: Louisiana, Effective Real-Estate Tax Rate: 0.49%
- 4: Delaware, Effective Real-Estate Tax Rate: 0.54%
- 5: District of Columbia, Effective Real-Estate Tax Rate: 0.56%
For the full report at the WalletHub website, click here.
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