Iowa has the 10th highest real-estate property taxes in the nation, according to a new WalletHub study analyzing tax burdens across all 50 states and the District of Columbia. The study ranked Iowa 42nd for real estate property taxes, meaning only eight states impose higher rates. The average real-estate tax on a median Iowa home is $2,795, but when Iowa’s tax rate is applied to the U.S. median home value, owners would pay $4,329. The report also examined vehicle property taxes, ranking Iowa 30th in the nation. The annual tax in Iowa on a $29,000 car, which the report used to compare states, is $287. Property taxes are a significant expense for homeowners, and renters aren’t immune either, as landlords factor these costs into rent prices. The average American household pays $2,969 annually in property taxes, with 26 states also levying vehicle property taxes that add an average of $492 per year. The state with the lowest effective real-estate property tax rate was Hawaii, followed by Alabama and Nevada. New Jersey had the highest property taxes, with Illinois recording the second highest and Connecticut the third highest. A link to the full WalletHub report is included below.
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