file photo by Boyd Loving
Think Your Property Taxes Are High? See the Most—and Least—Expensive States
New Jersey is the state with the highest property taxes in the nation
By Clare Trapasso | Mar 2, 2017
If your property tax bill is mind-blowingly high, just be thankful you don’t live in New Jersey. And if you do, well, that’s got to hurt your bank account.
For the third year in a row, New Jersey is the state with the highest property taxes in the nation, according to a recent WalletHub report, with an effective real estate tax rate of 2.35%. This totals about $7,410 annually on a nearly $316,000 home, the median price in the state.
WalletHub analyzed U.S. Census Bureau data to figure out the real estate tax rates by dividing the median annual property tax payment for the state by the state’s median home price. Property taxes are typically levied at the county level, and go toward things like local schools, police and fire services, and parks.