The average American household spends $2,127 on real-estate property taxes each year, with property-owners in New Jersey shelling out the highest average at $4,029.

Real Estate Taxes: This State has the Nation’s Highest Average at $4,029

Real Estate Taxes: This State has the Nation’s Highest Average at $4,029

The average American household spends $2,127 on real-estate property taxes each year, with property-owners in New Jersey shelling out the highest average at $4,029, according to a report by WalletHub based on data from the U.S. Census Bureau.

Meanwhile, New Jersey’s tax burden is eight times more expensive than in Hawaii, the state with the lowest, $489. (See chart below.)

Nearly one third, or 32 percent, of Americans rent their homes, but property taxes still have an impact on their wallets.

“We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments,” writes John S Kiernan for WalletHub.

Moreopver, 27 states levy some form of vehicle property tax. Of those states, Rhode Island has the highest, $1,099, which is 13 times more expensive than in Montana, the state with the lowest, $86.

Politically speaking, Blue States have 39 percent higher real-estate property taxes, averaging $2,280, than Red States, averaging $1,642, according to WalletHub.

Rank

State

Effective Tax Rate

Annual Taxes on $176K Home*

State Median Home Value

Annual Taxes on Home Priced at State Median Value

1 Hawaii 0.28% $489 $504,500 $1,405
2 Alabama 0.43% $764 $123,800 $538
3 Louisiana 0.48% $841 $140,400 $672
4 Delaware 0.53% $929 $232,900 $1,231
T-5 District of Columbia 0.57% $1,005 $454,500 $2,601
T-5 South Carolina 0.57% $1,009 $137,600 $790
7 West Virginia 0.59% $1,035 $100,200 $590
T-8 Arkansas 0.62% $1,088 $108,700 $673
T-8 Colorado 0.62% $1,097 $239,400 $1,495
T-8 Wyoming 0.62% $1,094 $189,300 $1,179
11 Utah 0.69% $1,210 $212,500 $1,463
12 New Mexico 0.72% $1,273 $159,300 $1,154
13 Tennessee 0.75% $1,314 $139,900 $1,046
14 Idaho 0.77% $1,354 $160,500 $1,237
15 Mississippi 0.78% $1,377 $100,800 $790
16 Virginia 0.80% $1,401 $243,500 $1,941
17 California 0.81% $1,429 $371,400 $3,021
T-18 Kentucky 0.84% $1,471 $121,600 $1,018
T-18 Arizona 0.84% $1,484 $162,900 $1,376
20 North Carolina 0.85% $1,502 $153,600 $1,313
T-21 Oklahoma 0.87% $1,525 $115,000 $998
T-21 Montana 0.87% $1,528 $187,600 $1,632
23 Indiana 0.88% $1,539 $122,700 $1,075
24 Nevada 0.92% $1,618 $167,100 $1,539
25 Georgia 0.96% $1,682 $148,000 $1,417
26 Missouri 1.00% $1,763 $136,700 $1,372
T-27 Oregon 1.08% $1,890 $234,100 $2,518
T-27 Washington 1.08% $1,903 $257,200 $2,785
T-27 Maryland 1.08% $1,906 $287,500 $3,118
30 Florida 1.10% $1,932 $156,200 $1,718
31 Massachusetts 1.18% $2,075 $329,900 $3,896
32 Minnesota 1.19% $2,091 $185,200 $2,204
33 Alaska 1.21% $2,124 $246,300 $2,978
34 North Dakota 1.22% $2,146 $142,000 $1,734
35 Maine 1.27% $2,233 $173,600 $2,206
36 South Dakota 1.36% $2,382 $135,700 $1,840
37 Kansas 1.41% $2,478 $129,400 $1,825
38 Iowa 1.47% $2,582 $126,300 $1,856
39 Pennsylvania 1.51% $2,647 $164,900 $2,484
40 Ohio 1.55% $2,729 $129,600 $2,013
41 New York 1.58% $2,773 $283,700 $4,478
42 Rhode Island 1.61% $2,829 $241,200 $3,883
43 Vermont 1.72% $3,021 $216,200 $3,717
44 Michigan 1.83% $3,220 $120,200 $2,203
45 Nebraska 1.88% $3,301 $130,100 $2,444
46 Connecticut 1.91% $3,357 $274,500 $5,244
47 Texas 1.93% $3,392 $131,400 $2,537
48 Wisconsin 1.97% $3,459 $165,900 $3,266
49 New Hampshire 2.10% $3,698 $237,400 $4,996
50 Illinois 2.25% $3,959 $175,700 $3,959
51 New Jersey 2.29% $4,029 $319,900 $7,335

Source: WalletHub

 

 

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