New Jersey has the highest property taxes in the United States, according to a new study by WalletHub. The report, which analyzed U.S. Census Bureau data, found that the annual tax on a median-valued home of $401,410 in New Jersey is $9,345.
The report also found that Hawaii has the lowest property taxes in the country, with an estimated tax of $2,054 on a median-valued home of $764,800. New York ranked sixth highest, with an estimated tax of $6,303 on a median-valued home of $384,100.
The high property tax burden has contributed to rising individual debt, with over $14 billion in property taxes going unpaid each year. WalletHub analyst Cassandra Happe noted that property tax burdens affect not only homebuyers but also renters, who account for about 35% of U.S. households.
In response to the high property taxes, New Jersey issued tax rebates to over 800,000 residents last year through the ANCHOR tax relief program. The rebates ranged from $450 for renters to $1,500 for homeowners, depending on the value of their home and how long they have lived in the state.
It’s beyond belief that people continue to vote for the democratic party, that are responsible for highest property taxes in the nation.
It is the flawed school funding formula that is at fault, close to half of the property taxes goes to school tax, they enacted the ANCHOR program and the taxes went up in order to cover the anchor funds, so who gained off the deal? no one.