TRENTON, NJ – If you’ve ever wondered why your property taxes feel like they’re sky-high, you’re not alone. In 2024, some states are pushing property taxes to new heights, and it’s hitting homeowners hard. Let’s dive into the top five states where property taxes are anything but low.
This is according to recent article published by Newsweek.
New Jersey: The Tax Titan
New Jersey is notorious for its steep property taxes, and 2024 is no different. With an average effective property tax rate of 2.47%, Garden State residents are paying through the nose—$8,928 annually on a median-priced home, to be exact. It’s not just the infamous traffic that’s driving people crazy here!
Illinois: The Midwestern Money Drain
Illinois isn’t far behind New Jersey, with a property tax rate of 2.29%. This means the average homeowner is forking over $5,213 each year. Whether you’re in the bustling suburbs of Chicago or the quiet countryside, those taxes are coming for you.
Connecticut: The Quietly Costly State
Connecticut might be known for its quaint small towns and beautiful landscapes, but living there comes with a price. The state’s effective property tax rate is 2.16%, which leads to an average annual tax of $6,251 on a typical home. That’s a lot of dough for a slice of New England charm.
New Hampshire: The Pricey Granite State
New Hampshire, with its picturesque views and no state income tax, seems like a dream—until you get your property tax bill. With a rate of 2.09%, homeowners are shelling out around $6,235 each year. The mountains may be free to look at, but living near them? Not so much.
Texas: The Lone Star State’s Lone Empty Wallet State
Texas rounds out the top five with a property tax rate of 1.90%. This might seem low compared to the others, but with an average annual tax of $4,399 on a median-priced home, it’s still a hefty chunk of change. Everything’s bigger in Texas, including the tax bills.
So, if you’re thinking of moving or buying property in one of these states, keep these numbers in mind. Property taxes can make a big difference in your overall cost of living—something you definitely don’t want to overlook!
