No surprise here – NJ has highest property tax in US, study finds – NBC New York



What there is to know

  • Property taxes can be a small inconvenience or a significant burden. It all depends where you live
  • Turns out if you live in New Jersey property taxes are a real burden, according to the recently published WalletHub study
  • The Garden State has the highest property tax, according to report

Property taxes can be a small inconvenience or a significant burden. It all depends on where you live.

The average American household spends $ 2,375 in property taxes on their home each year, according to the US Census Bureau, and residents of the 27 states with property taxes on vehicles pay an additional $ 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 state and local levels.

With that in mind, WalletHub watched in all 50 states and the District of Columbia in terms of property taxes to determine which has the lowest and highest property taxes in the country.

For some in the tri-state area, the state with the highest property tax in the United States comes as no surprise.

Turns out if you live in New Jersey property taxes are a real burden, according to the recently published WalletHub study.

According to the report, the Garden State has the highest property tax. The effective state tax rate is 2.47 percent. In addition, the annual tax on a $ 205,000 home in the state is $ 5,064.

However, since the median value of the state house is $ 327,900, the median tax is instead $ 8,104.

Meanwhile, Connecticut isn’t too far behind New Jersey. It ranks fourth highest in property taxes with a tax rate of 2.11%.

As a connection, the annual tax on a $ 205,000 home in the state is $ 4,317. The median home value in the state is $ 272,700, which translates to a median property tax of $ 5,746.

New York came in ninth place with a property tax rate of 1.71%. While the annual home tax of $ 205,000 is $ 3,497, the median property 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 full list, Click here.


Previous biproxi acquires the commercial real estate advertising site OfficeSpace.com
Next CBRE opens a searchable property listings platform for 10 Indian cities

No Comment

Leave a reply

Your email address will not be published.