The impact of property taxes on individuals can vary greatly depending on their location. The U.S. Census Bureau reports that the average American household pays $2,690 in property taxes annually for their home, while residents in 26 states also face vehicle property taxes of around $444. With the significant amount of debt in the United States, it’s not surprising that unpaid property taxes amount to over $14 billion per year, as stated by the National Tax Lien Association.
But which states have the highest property taxes? Well, the #1 state with a fair lead is our very own New Jersey.
According to a survey from personal finance website Wallethub, New Jersey has an effective property tax rate of 2.47%, and the average property tax bill on a median priced home in the state is a whopping $8,797. That’s the highest tax rate and the highest average tax bill in the nation by a mile.
No wonder so many families are choosing to move out of town…