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10 States With the Worst Property Taxes

7. Illinois

Average Property Taxes as % of Median Income: 4.64 percent (7th Most)

Average Median Property Taxes Paid on Homes: $3,271 (7th Most)

Unemployment Rate: 8.9 percent (23rd Highest)

Average Median Income for Home Owners: $67,144 (18th Highest)

Percent decrease in Median Home value (2006-2009): +0.8 percent (35th greatest increase)

Besides owning the 7th highest rate of property taxes as a percent of homeowner income, the key economic indicators related to home ownership and residence taxes fall near the national average. However, there are major disparities between counties in the state. In the wealthier areas, like Kendall County near Chicago, the median home value is $240,600, with residents paying 6.3 percent of their incomes on homeowner taxes. On the other end of the spectrum, the average property value in Vermilion County, which is in the Eastern part of the state, is a third of that – $78,300 – and residents only spend 2.8 percent of their incomes on home taxes.

(iStock Photo)

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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