Report: Colorado has some of the lowest property tax rates in the country

DENVER – Coloradans tend to pay less in property taxes than most other Americans, according to a new report from WalletHub.

The folks at WalletHub found that Colorado as a whole has an effective tax rate of 0.6 percent, coming in at eighth place among the 50 states and Washington, DC. On a home valued at $247,800 (the median value in Colorado), the owner would pay $1,489 a year in taxes at that rate.

Property taxes vary by location, however, so you would likely pay a larger or smaller rate than that in reality.

WalletHub used U.S. Census data to determine each state’s effective tax rate, dividing the median amount of tax paid by the median home price in the state.

Using that formula, Hawaii has the lowest effective tax rate at 0.27 percent, followed by Alabama and Louisiana.

Here are the ten states with the lowest rates, according to WalletHub (tax rates in parentheses):

1. Hawaii (0.27%)
2. Alabama (0.43%)
3. Louisiana (0.49%)
4. Delaware (0.54%)
5. District of Columbia (0.56%)
6. South Carolina (0.57%)
7. West Virginia (0.58%)
8. Colorado (0.60%)
9. Wyoming (0.61%)
10. Arkansas (0.62%)

Read more at WalletHub.com.