WalletHub: New Jersey has highest property taxes in U.S.
NEW JERSEY – A new study ranked New Jersey as the state with the highest real-estate property taxes.
WalletHub released their 2020 Property Taxes by State on Tuesday.
Each year, the average American household spends $2,375 on real-estate property taxes plus another $441 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.
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: $8,104
- Real-Estate Tax on Median U.S. Home Value: $5,064
- Vehicle Property Tax on Best-Selling Car: $0.00
Hawaii had the lowest property tax rate, followed by Alabama, Colorado, Louisiana, and the District of Columbia. Nearby Pennsylvania ranked 41st and New York was 43rd.
To see the full list, click here.