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
- New Jersey
- Illinois
- Connecticut
- New Hampshire
- Vermont
Here are the top 5 states with the lowest property taxes:
- Hawaii
- Alabama
- Colorado
- Nevada
- Louisiana
For the full report, click here.
