Delaware has ranked one of the lowest in the nation for property tax rates, according to a study. But where does it fall?
When looking to buy a home, other priorities may be on your mind: location, mortgage and more. Luckily, if you live in Delaware or are looking to move here, a study by financial website WalletHub showed that some of the lowest rates are in the First State.
WalletHub used U.S. Census Bureau data for all 50 states, including the District of Columbia.
The average American household property tax rate is $2,869, according to the U.S. Census Bureau. However, Delaware is the sixth lowest in the country, tying with states Louisiana, Utah and West Virginia.
According to the data, the median home price in Delaware is $305,200, with the annual taxes on that number at $1,674.
The effective real estate tax value for Delaware is 0.55%, one of the lowest percentages in the country.
More:Newark discusses another tax on University of Delaware, this time through rentals
For comparison, the highest state, New Jersey, is 2.33%, according to WalletHub. With a median home value of $401,400, that means the Garden State’s annual taxes for the median value would be $9,345.
Pennsylvania has a rate of 1.41%, falling at No. 40 on the list. With a median home value of $226,200, the annual property tax on that median would be $3,187.
Maryland’s rate is 1.02%, making it No. 31 on the list. The median home value is $380,500 with a $3,880 tax bill.
The lowest state was Hawaii, with a real estate tax rate of 0.27%; however, homes are more expensive, causing the annual taxes on a median home price of $764,800 to be $2,054.
