• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

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.

Discover how a simple decision today could lead to an extra $1.3 million in retirement

Learn how you can set yourself up for a more prosperous future by exploring why so many people who work with financial advisors retire with more wealth.

Discover the full story and see how you could be on the path to an extra $1.3 million in retirement.

Read More

4. 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.

Kiss your credit card debt goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

2. 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.

Sponsored

This 2 minute move could knock $500/year off your car insurance in 2024

OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.

You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results. Find offers as low as $29 a month.

Sarah Brady Freelance Contributor

Sarah Brady is a (self-)certified money nerd. She's a personal finance writer and speaker who's been helping individuals and entrepreneurs improve their financial wellness since 2013. Sarah has written for Forbes Advisor, USA Today's Blueprint, FORTUNE, Experian, Investopedia and more,

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.