Trenton, NJ – According to a recent report by WalletHub, New Jersey residents pay the highest real-estate property taxes in the United States. The report, titled “Property Taxes by State in 2024,” compares home and vehicle taxes across the nation, offering a comprehensive overview of the financial burden on homeowners.
New Jersey holds the 51st position, making it the state with the highest real-estate property tax rates. Homeowners in New Jersey face a real-estate tax on the median state home value at $9,345, significantly higher than the real-estate tax on the median U.S. home value, which stands at $6,563.
The average American household spends $2,869 on real-estate property taxes annually, with an additional $448 for residents of the 26 states that levy vehicle property taxes. The stark contrast in tax rates underscores the financial challenges faced by New Jersey residents in comparison to the rest of the country.
For further details and expert commentary on the implications of these findings, the full report is available on WalletHub’s website.