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Wallethub: New Jersey is 2023’s state with the highest real-estate property taxes

NEW JERSEY – New Jersey is 2023’s state with the highest real-estate property taxes, according to a study done by WalletHub.

Each year, the average American household spends $2,690 on real-estate property taxes plus another $444 for residents of the 26 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 Tuesday released its 2023’s Property Taxes by State report.

The report compares home and vehicle taxes across the nation and features insights from a panel of experts.

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: $6,057
  • Real-Estate Tax on Median U.S. Home Value: $8,797
  • Vehicle Property Tax on Best-Selling Car: $0

Source: WalletHub
Here are the top 5 states with the highest property taxes: 
  1. New Jersey
  2. Illinois
  3. Connecticut
  4. New Hampshire
  5. Vermont

Here are the top 5 states with the lowest property taxes:

  1. Hawaii
  2. Alabama
  3. Colorado
  4. Nevada
  5. Louisiana

For the full report, click here.

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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