When it comes to property taxes and how much residents pay, a new study shows Indiana ranks in the middle of the nation.
A new analysis from Construction Coverage shows Indiana ranks 27th when it comes to how much Hoosiers pay in property taxes.
According to the study, the effective property tax rate — the total taxes paid as a percentage of the aggregate value of owner-occupied housing — Hoosiers paid was 0.769 percent. The median property taxes paid were $1,647.00. The median home price was $225,000.
The state with the highest effective tax rate was Illinois, at 1.825 percent. New Jersey ranked highest when it came to median property taxes paid at $9,183. And the state with the highest median home value was Hawaii at slightly more than $846,000.
The state with the lowest effective tax rate was West Virginia at 0.476 percent. Alabama ranked lowest regarding median property taxes paid at $786.00. And the state with the lowest median home value was West Virginia at nearly $164,000.
Indianaplis-Carmel and Anderson ranked 39th with an effective property tax rate of 0.08 percent.
Indiana lawmakers will be looking at property tax reform in the next legislative session.
