Texans Have Some of Worst Property Taxes in America, According to Report

Texans enjoy not paying state income taxes, but when it comes to property taxes, it’s a different story.

A new report on real estate tax statistics by WalletHub shows that Texans pay some of the highest real estate taxes in the country.

The report examined the median home values and property tax rates Americans pay in each state. Texas has a 1.93% tax rate, earning the state 47th place overall. The median home price in Texas is $131,400, which equates to $2,537 in annual property taxes.

Hawaii ranks as the best state for property taxes. The effective real-estate tax there is .28%. The median home value is $504,500, and the annual tax on the median home value is $1,405.

While Texas has higher real estate taxes than other states, it doesn’t necessarily mean the cost of living here is higher. A number of other factors must be considered when looking at the overall tax burden on Texans. The fact that Texans don’t have to pay state income taxes is huge.

Let’s just say we won’t be leaving Texas anytime soon.

[H/T Austin Culture Map]