realestate

New Jersey leads US in property taxes, with average bill over $9,400

Homeowners face significant ongoing expenses in property taxes.

P
roperty taxes are a significant expense for homeowners, used to fund local government services like infrastructure and schools. The amount owed is based on a home's value and location, with higher-valued homes typically paying more. Home values are re-evaluated annually, leading to changes in property tax bills.

    According to Realtor.com senior economist Joel Berner, the median US property tax bill grew by 2.8% from 2023 to 2024, with over 73% of properties seeing an increase. The median tax bill was $3,500 in 2024, largely driven by home price appreciation.

    New Jersey has the highest median property taxes in the US, but many homeowners may not realize they can protest their home's value assessment. In fact, over 40% of properties nationwide could save at least $100 by doing so, with a median savings of over $500.

    Property taxes have become a contentious issue among politicians, with some calling for their elimination. Recently, Florida Gov. Ron DeSantis doubled down on his goal of eliminating property taxes in the state. Residents in New Jersey, New Hampshire, Connecticut, Washington, and New York face the highest median property tax amounts, while those in Indiana, Alabama, West Virginia, and Arkansas have the lowest.

    Here are the states with the highest to lowest median property tax amounts:

    1. New Jersey - $9,413

    2. New Hampshire - $7,715

    3. Connecticut - $6,944

    4. Washington - $6,338

    5. New York - $6,096

    ...

    34. Arkansas - $725

New Jersey property taxes: average bill exceeds $9,400 in the US state.