Source: The Motley Fool —
Residents in this state pay about three times the national median.
The median U.S. homeowner pays 1.11% of their home’s value in property taxes each year. And based on 2021 home-price data, this translates to a median tax bill of $2,971.
However, some states have significantly higher real estate taxes than the median. Much higher. In fact, there is one state — New Jersey — where the typical homeowner pays nearly three times the tax bill of the median U.S. homeowner. Here’s how much New Jersey homeowners pay and some of the reasons property taxes in the Garden State are so high.
How high are New Jersey’s real estate taxes?
The median homeowner in New Jersey has an effective real estate tax rate of 2.46% of their home’s value. And to be fair, this percentage isn’t that much higher than some other states. In fact, New Jersey is one of four that have effective real estate taxes of 2% or more, according to our research.
However, thanks to New Jersey’s generally higher home prices, the median real estate tax bill is $8,928. That is 43% higher than the state with the number two median tax bill (Connecticut) and about 12 times as much as the median homeowner pays in Alabama, the state with the lowest property tax bills.
