CO homes are expensive, but having this is such a relief...

[Kenny Smith]

Property taxes is something some may forget about when shopping for homes in other states. Believe me, I get it. Your home here in CO has appreciated tremendously over the last couple of years, and why wouldn't you consider cashing in and moving elsewhere?

However, just because you're buying in another state that may have cheaper home prices, doesn't necessarily your mortgage would be substantially cheaper.

Colorado has the 3rd lowest property taxes out of all states throughout the country. Now this can and will vary by county within the state, but the average state tax rate is .51%. That means (ballpark), you'll pay .51% of your assessed value of your home, in property taxes.

If your home has been re-assessed this year at $500,000, on average, you'll pay around $2,550 per year.

On the contrary, let's say you want to move to a state like Illinois, where you can get a lot more bang for your buck in certain parts of the state. However, their state property taxes are some of the highest in the country at an average of 2.23%

That $500,000 home in Illinois is now costing you an average of $11,150 per year in property taxes. That is 437% more expensive taxes than Colorado!

Certainly each state is going to be different than what advantages and disadvantages, and you need to figure out what makes most sense for you...