Here's How Much CT Residents Pay In Property, Vehicle Taxes

CONNECTICUT — Connecticut residents pay some of the highest real estate and vehicle taxes in the country, according to a report from personal finance site WalletHub.

The average American household spends $2,869 on property taxes for their homes each year. Those in the 26 states with vehicle property taxes shell out another $448.

The study, which used U.S. Census Bureau data, found that only those in Illinois and New Jersey pay higher real estate property taxes. Connecticut households have an effective real estate tax rate of 2 percent. With the state's median home value at $323,700, that means residents are paying $6,484 in annual property taxes.

“Some states charge no property taxes at all, while others charge an arm and a leg," WalletHub Analyst Cassandra Happe said. "Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the overall cost of living, when deciding on a city.”

The lowest real estate taxes were in Hawaii, Alabama, Colorado, Nevada, and South Carolina.

Connecticut also has the seventh-highest vehicle property taxes in the country. The effective vehicle tax rate is 2.1 percent, making the annual taxes $554 on a car worth $26,420.

States with higher vehicle taxes included Massachusetts, Maine, Missouri, South Carolina, Mississippi, and Virginia.

Read the full study at WalletHub.