The Highest Property Taxes Are In …
When it comes to property taxes, the grass is not greener in the Garden State. According to a new survey from WalletHub, New Jersey leads the nation in residential real estate property taxes.
New Jersey mandates an effective real estate tax rate of 2.40 percent, and state residents pay $4,437 on a home worth $185,000. However, the median home value in New Jersey is $316,400, which means state residents pay $7,601 in annual taxes on homes at the median value.
Other states with burdensome property tax rates are Illinois (2.32 percent), New Hampshire (2.19 percent), Connecticut (2.02 percent) and Wisconsin (1.95 percent). Hawaii has the lowest property taxes in the nation at 0.27 percent, with Alabama ranked second lowest at 0.47 percent.
And at the risk of being political, WalletHub pointed out that Blue States have 18.87 percent higher real-estate property taxes, averaging $2,287, than Red States, averaging $1,924.