Metro Wire Staff
Wisconsin has been ranked 47th in property tax rates, according to a recent study.
American household spends $2,375 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $441.
And though property taxes might appear to be a non-issue for the 36 percent of renter households, that couldn’t be further from the truth. We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.
But which states have the largest property tax load, and what should residents keep in mind when it comes to meeting and minimizing their tax obligations? In search of answers, WalletHub.com analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes and asked a panel of property-tax experts for practical and political insight.
With Tax Day looming and Americans still figuring out the new tax code, WalletHub has released its 2020 Taxpayer Survey, as well as its yearly report on the States with the Highest & Lowest Tax Rates.
According to the survey, Wisconsin has among the highest vehicle property tax in the nation (No. 1), followed by higher than average sales and excise taxes (No. 14).
About 30 percent of people say making a math mistake as well as not having enough money are their biggest Tax Day fears, edging out identity theft (21 percent) at the top of the list.
To secure a tax-free future, 37 percent of people surveyed said they would move to a different country; 26 percent would get an “IRS” tattoo, and 19 percent would stop talking for six months.
About 34 percent of people think charities would make the best use of their tax dollars, outnumbering by nearly 2.5 times people that trust the federal government the most with their taxes, the survey said.
Tax rates don’t vary much before red and blue states: the average red-state tax rate is 10.67 percent, just under the average blue-state rate of 10.93 percent.
Democrats vs Republicans
- Both agree that rich people do not pay their fair share in taxes.
- Both agree that poor and middle-class people do pay their fair share in taxes.
- Both agree that their tax rates are too high.
- Most Democrats say corporations should pay higher tax rates than consumers; most Republicans don’t agree.
- Democrats say healthcare should be the biggest priority in the 2020 elections, followed by taxes. Republicans vote for national security, healthcare, and immigration ahead of taxes.