Property tax rates vary from town to town within each state. The property tax is calculated based on the assessed value of the land/home. For example, if the home is worth $250,000, in a state where the tax rate is $25 per thousand, the annual property taxes would be $6,250 ($250,000/$1,000 * $25). Property tax rates vary widely across the U.S. For example, the lowest rate is in Hawaii (.28%), and the highest rate is New Jersey with 2.49%.