By shine, I mean covered in fresh excrement that’s being hit by the sun at just the right angle. Because, seriously, Connecticut’s property taxes are legendary. At being the worst.
Wallethub issued a super important study that identified the worst states for property taxes. Care to wager where Connecticut fell?
Well, if you guessed the numero uno position, I have bad news for you. Because that’s incorrect. Still, that’s a laudable guess considering the state did make the top 5.
According to WalletHub, Connecticut ranked 4th worst out of all 50 states. So, if you needed something to complain about today, you got options. Today, you get to whine either about money or CT-hating Wallethub. Or, you can pick both! No one’s stopping you but yourself.
Anyways, property tax affects everyone. Even renters. It’s because everyone has to pay it, so landlords shrug off some of the costs onto their tenants.
Especially since the average American coughs up roughly $2,149 to pay for the land their home sits upon. In Connecticut, obviously, it’s way higher.
But, to make things sound better, we’re the last state in the nation with a rate under 2 percent, at 1.97 percent. So, there’s that.
However, considering Connecticut’s steep home prices, prices tend to get a little extreme. The median home value rests at $270,000, putting the tax bill at $5,327. But, if you have a house valued at $179k, you pay $3,517 to keep the local government happy.
If you want to flock to a state with lower taxes, head on over to Hawaii, who surprisingly came in #1. Yeah, their property tax rate is only .27 percent.
But, if you want to compare yourself to someone who has it worse than us: look to New Jersey, who towed the line again this year. Their property tax rate is 2.35 percent. So, if you live in a home worth $315k, you cough up roughly $7,500 a year.
Nice to know, right?
The Tax Foundation says property taxes account for a third of all state and local tax collections. Meaning, that’s a state and local government’s biggest cash cow.
And, due to the crisis in Hartford, now the discussion revolves around how necessary it is to keep jacking up the price. Or if it’s even worth it anymore because the city relies too heavily on that particular tax receipt.
But, that’s a discussion that’ll probably never come up for air until after Hartford collapses. If it collapses. I’m sure someone will bail it out before that magic happens.
But, as an aside, did you know Connecticut also ranked 4th worst for overall vehicle property tax? Just, you know, to feel the extra twist of the knife our policymakers inserted into our backs. Because nearly half of our nation’s states don’t even have that particular tax. Not even our neighbors New York and New Jersey.
Kinda sad, am I right?
So, if you have a car that you bought for the average price of $23,000: you cough up $555 a year. And still our politicians don’t understand why we keep telling them it’s too expensive to live here.