Homeowners in This State Pay the Highest Property Taxes
Depending on where you live in the United States, some homeowners pay less than 1 percent in property taxes per year. However, if you live in one particular state, you may find yourself forking over a whopping 2.21 percent in annual property taxes, in addition to paying some of the highest real estate prices in the nation.
Unexpected or underestimated costs are taking toll on U.S. homeowners, leading to surging rates of buyer's remorse
One example: 💰 The typical New Jersey homeowner will end up paying 14x the amount in property taxes as an Alabama homeowner each year 📊 https://t.co/53CNrWcsuG
— Clever Real Estate (@ListWithClever) February 22, 2022
According to GOBankingRates, New Jersey has the highest property taxes in America with the average annual property tax coming in at $8,314 putting it way above any other state in the nation. GOBankingRates reports that “no other state even breaks the $7,000 mark, much less $8,000” – and unfortunately for New Jersey residents average home values are also high compared to other states.
GOBankingRates used 2020 data from the Tax Foundation to compile a list of the ten most expensive states in the U.S. for property taxes.
According to GOBankingRates, these are the ten most expensive states in the U.S. for property taxes:
1. New Jersey
3. New Hampshire
10. Rhode Island