Assorted expenses factor into homeownership. Beyond the monthly mortgage payment, homeowners are on the hook for maintenance, insurance and property taxes—and, in some cases, fees for the HOA or other services.
For many, the major obligation is property taxes. According to recently released research by WalletHub, the expense is highest in New Jersey, Connecticut, New Hampshire, New York and Rhode Island, and lowest in Alabama, West Virginia, Arkansas, Louisiana and South Carolina. For a home with a median price tag, the taxes* total:
Alaska – $3,048
Arizona – $1,367
Arkansas – $721
California – $3,237
Colorado – $1,516
Connecticut – $5,443
Delaware – $1,274
District of Columbia – $2,811
Florida – $1,702
Georgia – $1,413
Hawaii – $1,459
Idaho – $1,276
Illinois – $4,058
Indiana – $1,100
Iowa – $1,986
Kansas – $1,890
Kentucky – $1,078
Louisiana – $750
Maine – $2,329
Maryland – $3,191
Massachusetts – $4,132
Michigan – $2,185
Minnesota – $2,234
Mississippi – $841
Missouri – $1,408
Nebraska – $2,506
Nevada – $1,478
New Hampshire – $5,241
New Jersey – $7,601
New Mexico – $1,232
New York – $4,738
North Carolina – $1,345
North Dakota – $1,729
Ohio – $2,064
Oklahoma – $1,076
Oregon – $2,637
Pennsylvania – $2,603
Rhode Island – $3,929
South Carolina – $821
South Dakota – $1,943
Tennessee – $1,088
Texas – $2,654
Utah – $1,508
Vermont – $3,893
Virginia – $1,973
Washington – $2,860
West Virginia – $629
Wisconsin – $3,257
Wyoming – $1,223
*Analysts assessed the effective real estate tax rate and median value.
Homeowners: Keep in mind that property taxes vary, and, occasionally, an assessment can be inaccurate.
"Sometimes errors are made in how local governments calculate the amount of tax a homeowner owes," explains James L. Murrett, president of the Appraisal Institute, an appraiser association. "It's possible for assessments to be based on flawed information, such as incorrect square footage or number of bedrooms or bathrooms or even location."
Related: Tax Reform: Here's What Could Impact Homeowners Most
If an appeal is necessary, homeowners should consult their assessor's office and gather as much information as possible, Murrett recommends. An appraiser with experience in the local market can also be valuable, as well an attorney, REALTOR® and/or tax professional.
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