HAMDEN, Conn. (WTNH)– A new study is taking a look at just how expensive property taxes are by each state. That study was done by “Wallet Hub” and used numbers from 2015.
As we all know, we pay taxes on just about everything, specifically our homes and cars. But where do we rank compared to the other 49 states and the District of Columbia?
Connecticut ranks number 46, just a few spots away from the most expensive state. The median value of a home here is roughly $275,000. The annual taxes on a home worth that amount $5,200. Granted that number will be more or less depending on how much your house is worth. Regardless, the high taxes put a strain on many working families.
“The increase in taxes, the record increases in taxes twice over the last 5 years, has scared away a lot of the tax base on the upper end of the income spectrum. But it’s also put a burden on the middle class that is almost unbearable,” said Sen. Scott Franz (R-Conn.).
Now let’s talk car tax. Only 27 states have it, including Connecticut. Once again, we rank high. This time number 4 on a car valued at roughly $23,000, the yearly tax bill is $650.
A side note here: Rhode Island is the most expensive state for car tax , nearly double Connecticut. And when it comes to property tax on your home, New Jersey takes top spot as the most expensive.