The median U.S. homeowner pays $2,971 in annual real estate property taxes, according to our research. Based on the median home value in the United States, this means the median effective property tax rate is 1.11%.

Some states are far more expensive places to be a homeowner. For example, New Jersey has the highest property tax rate in the United States, with an average effective tax rate of 2.46%. This means that a $400,000 home would result in a property tax bill of $9,840 annually.

On the other hand, there are some states where property taxes are below the U.S. average -- much lower in some cases. Here are the 10 states with the lowest property taxes in the nation, and a bit of context about why they're so low.

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Source Fool.com