The average American household spends $2,279 on real-estate property taxes plus another $440 for residents of the 27 states with vehicle property taxes. With such high costs, it’s no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association.
In order to determine who pays the most relative to their state, the personal-finance website WalletHub released Tuesday its 2019 Property Taxes by State report as well as accompanying videos, which compares home and vehicle taxes across the nation and features insights from a panel of experts.
Depending on where you live, property taxes can be a small inconvenience or a major burden. The study analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes. New Jersey ranked last with a 2.44% effective real estate tax rate and annual taxes of $7,840 on a state median home price of $321,100. New Jersey does not have a vehicle tax.
Property Taxes in New Jersey (1st=Lowest; 25th=Avg.):
- Real-Estate Property Tax Rank: 51st
- Vehicle Property Tax Rank: 1st
- Real-Estate Tax on Median State Home Value: $7,840
- Real-Estate Tax on Median U.S. Home Value: $4,725
- Vehicle Property Tax on Best-Selling Car: $0.00
Hawaii had the lowest property tax rate. Pennsylvania was ranked 40th and New York was ranked 43rd.
To view the entire WalletHub report, click here.