Special Report
This Is the States With the Highest Property Taxes
Published:
Last Updated:
This article was written with the assistance of A.I. technology, and has been edited and fact-checked by Melly Alazraki.
Homeownership rates in the United States have increased since the beginning of the COVID-19 pandemic, according to the National Association of Realtors. With more people buying homes, property taxes are a significant source of revenue for local governments
Property taxes vary widely by state and depend largely on state and local property tax rates and home values. On a per capita basis, New Jersey has the highest property taxes in the country, at $3,431, according to data from the report Facts & Figures 2023: How Does Your State Compare from the Tax Foundation, an independent, non-profit, tax policy research organization. The average property tax rate in the Garden State as a share of home value is 2.23%, also the highest in the country.
Higher property tax rates do not necessarily mean a higher tax dollar amount as what residents pay in property taxes is based on a percentage of their property value. In New Jersey, the median home value is $389,800, the eighth highest in the country, contributing to the high tax amount.
Generally nationwide, property taxes make up a large share of all state and local taxes levied. In New Jersey, property taxes make up 45.3% of state and local tax revenue, the fourth highest percentage among states.
One way to measure the property tax burden is property taxes as a share of household income. While in New Jersey the median household income of $89,296 is third highest of all states, property taxes as a share of income still rank fifth highest.
New Jersey is not the only state with a high property tax burden. Other states in the Northeast, such as New Hampshire and Vermont, also have high property tax burdens.
Click here to see property tax rates in each state.
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.