WalletHub has ranked the states based on how much the average household pays on taxes and found that we have some of the highest taxes in the country. Connecticut has the third-highest, according to the new report.
The average American household spends $2,969 on real-estate property taxes plus another $492 for residents of the 26 states with vehicle property taxes, according to the finance company found.
How Connecticut real-estate taxes rank
On a scale where the states rank from lowest at one to highest at 51, Connecticut ranks:
- 49th for real-estate property tax with a rate of 1.92 percent.
- The average annual taxes for a $303,400 home in Connecticut were $5,813.
- The median home value is $343,200 in Connecticut and the average annual taxes are $6,575.
Gov. Ned Lamont has proposed an increase to the state’s property tax credit and to expand eligibility for the credit to include more income tax filers.
Under the governor’s plan, single filers who earn up to $70,000 and joint filers earning up to $100,000 would qualify for a $350 credit with lower amounts for those with incomes.
| Proposed Changes to Property Tax Phase-Out Schedule | |||
| Married Filing Jointly | |||
| Current AGI Up To | Current Maximum Credit | Proposed AGI Up To | Proposed Maximum Credit |
| $70,500 | $300 | $100,000 | $350 |
| $80,500 | $255 | $110,000 | $298 |
| $90,500 | $210 | $120,000 | $245 |
| $100,500 | $165 | $130,000 | $193 |
| $110,500 | $120 | $140,000 | $140 |
| $120,500 | $75 | $150,000 | $88 |
| $130,500 | $30 | $160,000 | $35 |
| Singles | |||
| Current AGI Up To | Current Maximum Credit | Proposed AGI Up To | Proposed Maximum Credit |
| $49,500 | $300 | $70,000 | $350 |
| $59,500 | $255 | $80,000 | $298 |
| $69,500 | $210 | $90,000 | $245 |
| $79,500 | $165 | $100,000 | $193 |
| $89,500 | $120 | $110,000 | $140 |
| $99,500 | $75 | $120,000 | $88 |
| $109,500 | $30 | $130,000 | $35 |
How Connecticut vehicle taxes rank
- 44th for vehicle property taxes.
- The average vehicle property tax on a $29,000 vehicle is $605.
The real-estate tax on the median U.S. home value is $5,813
“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,” Chip Lupo, a WalletHub analyst, said in a statement.
Lowest real-estate taxes
The five states with the lowest real-estate taxes are:
- Hawaii
- Alabama
- Nevada
- Colorado
- South Carolina
