What to Know
- Property taxes can be a small inconvenience or a major burden. It all depends where you live
- Turns out if you live in New Jersey, real estate property taxes are a real burden, according to the newly-published WalletHub study
- According to the report, the Garden State has the highest real estate property tax
Property taxes can be a small inconvenience or a major burden. It all depends where you live.
The average American household spends $2,375 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $441.
We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of governments at the state and local levels.
With this in mind, WalletHub looked at the 50 states and the District of Columbia in terms of real estate property taxes to determine which have the lowest and highest property taxes in the country.
For some in the tri-state area, the state with the highest real estate property tax in the United States comes as no surprise.
Turns out if you live in New Jersey, real estate property taxes are a real burden, according to the newly-published WalletHub study.
News
According to the report, the Garden State has the highest real estate property tax. The state's effective real estate tax rate is 2.47 percent. Additionally, the annual tax on a $205,000 home in the state is $5,064.
However, since the state median home value is $327,900, the median tax is more to the tune of $8,104.
Meanwhile, Connecticut isn't too far behind New Jersey. It placed as having the fourth highest real estate property tax with a tax rate of 2.11 percent.
In Connection, the annual tax on a $205,000 home in the state is $4,317. The state median home value in the state is $272,700, translating to a median real estate tax of $5,746.
New York came in ninth place with a real estate tax rate is 1.71 percent. While the annual tax on a $205,000 home is $3,497, the median real estate tax in the state is $5,157 given that the median home value in the Empire State is $302,200.
To learn more about the methodology used, or to see the complete list, click here.
