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Mon. Apr 22nd, 2024

 

Missouri Ranks 3rd Highest For Vehicle Property Tax

All News RSS Feed Business Politics State News Wednesday, February 22nd, 2023

While the State of Missouri is in the middle of the pack, nationwide, when it comes to real estate property taxes, Missouri is among the states collecting the MOST for vehicle property taxes.

That’s according to a study by Wallethub.com identifying the Show-Me State as number-29 with an average $1,676 paid in each year by those owning real estate.

New Jersey has the highest tax rate while Hawaii has the lowest tax rate.

When it comes to vehicle property tax rates, Missouri is out done only by Mississippi and Virginia for the highest rates while the Wallethub.com study identifies 25 states as not having vehicle property tax rates.

Here’s the report:

Each year, the average American household spends $2,690 on real-estate property taxes plus another $444 for residents of the 26 states with vehicle property taxes. With such high costs, it’s no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association.

In order to determine who pays the most relative to their state, the personal-finance website WalletHub today released its 2023’s Property Taxes by State report, as well as expert commentary. The report compares home and vehicle taxes across the nation and features insights from a panel of experts.

States with Highest Real-Estate Taxes States with Highest Vehicle Property Taxes
T-44. New York 44. Kansas
T-44. Wisconsin 45. Connecticut
46. Texas 46. Massachusetts
47. Vermont 47. Maine
48. New Hampshire T-48. South Carolina
49. Connecticut T-48. Missouri
50. Illinois 50. Mississippi
51. New Jersey 51. Virginia

Key Stats:

  • Hawaii has the lowest real-estate tax, $700, which is 8.7 times lower than in New Jersey, the state with the highest at $6,057.
  • Twenty-six states levy some form of vehicle property tax. Of those states, Louisiana has the lowest, $26, which is 40 times lower than in Virginia, the state with the highest at $1,039.
  • Blue States have 30.18 percent higher real-estate property taxes, averaging $2,991, than Red States, averaging $2,297.

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585

All News RSS Feed Business Politics State News Wednesday, February 22nd, 2023

Reporter John Rogger