5. Kankakee, Ill.
- Effective property tax rate: 2.2%
- Median home value: $165,700
- Median property taxes paid: $4,117
Illinois comes second to New Jersey for the highest effective property tax rates in the nation at 1.9%. But residents of Kankanee pay a higher premium for homeownership than other Illinoisans, at 2.2%, and homeowners in this small agricultural and manufacturing center have seen home values skyrocket in recent years.
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.
Learn More4. Rockford, Ill.
- Effective property tax rate: 2.3%
- Median home value: $149,800
- Median property taxes paid: $3,581
Rockford, Ill. is situated about 90 miles east of Chicago. The median household income in this small city, which has a population of around 150,000, is $56,746. Unemployment rates are high in Rockford, and yet as in Kankakee, residents have seen property values explode.
3. Syracuse, N.Y.
- Effective property tax rate: 2.3%
- Median home value: $164,000
- Median property taxes paid: $4,188
According to the Census Bureau, the median value of owner-occupied housing units in this snowy, midsize city was $99,200 between 2017 and 2021. Despite rapidly rising home prices, Homebuyer.com named Syracuse the sixth most affordable city to buy a house in the U.S.
The richest 1% use an advisor. Do you?
Wealthy people know that having money is not the same as being good with money. WiserAdvisor can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.
Try Now2. Rochester, N.Y.
- Effective property tax rate: 2.4%
- Median home value: $171,000
- Median property taxes paid: $4,586
Rochester, N.Y., is among those cities boasting the nation’s highest effective property tax rate of 2.4%. In 2023, U.S. News named this location the 26th best place to live in the U.S., stating the cost of living as well below the national average.
1. Trenton-Princeton, N.J.
- Effective property tax rate: 2.4%
- Median home value: $311,900
- Median property taxes paid: $8,070
The municipality of Princeton and city of Trenton are located in New Jersey's Mercer County, in the center of the Garden State. While homeowners pay the same effective property tax rate as in Rochester, the median property value is much higher, according to Construction Coverage.
The richest 1% use an advisor. Do you?
Wealthy people know that having money is not the same as being good with money. Advisor.com can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.
Try it now
