Skip to main content

The Highest Property Taxes Are In …

Feb 27, 2018
When it comes to property taxes, the grass is not greener in the Garden State

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.
Source: WalletHub
 
About the author
Published
Feb 27, 2018
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024