As the real estate market booms in Colorado, buyers and homeowners are likely thankful that they live in a state with one of the lowest property tax rates in the country.
According to a report published by WalletHub, Coloradans pay the third-lowest tax rate among the country's states plus DC. With an 'effective real-estate tax rate' of .51 percent, Coloradans pay approximately $1,113 annually for a home priced at $217.5K – the median home value in the US, as of 2019.
While property taxes in Colorado are the third-lowest in the country, Coloradans – on average – do shell out a bit more than many American's each year thanks to higher local home values. With the median home value in the Centennial State at $343,300 – 58 percent higher than the national median of $217,500 – Coloradans pay around $1,756 each year. This is the 22nd lowest among the states plus DC.
Residents in New Jersey pay the highest tax rate at 2.49 percent, with their homeowners shelling out about $8,362 annually thanks to a median home value of $335,600 – near Colorado's $343,300. Homeowners on the Hawaiian Islands pay the least – just a .28 percent tax rate with a median home value of $615,300. That ends up being $1,715 in property taxes each year – less than Colorado's $1,756.