The Real Estate business has to bear property taxes too. Whether you like it or not, you may have to pay taxes. Depending on the state and even the city you live in the price will be higher or lower. Bear in mind that it could be costly and that you be prepared to pay for it. Some people work out the amount they can afford to pay for the house but they may forget about property tax for instance. This will be just like another bill you pay for electricity, gas, or insurance. It is true that some people who have low income may take advantage of some discounts or reductions.
As the prices of houses increase, so does the total amount you have to pay on property taxes. The Real Estate market keeps having high prices and they never seem to go down. Unfortunately, this reduces the budget of many American families who have to pay more money on mortgages and interest rates as well. Let us not beat about the bush any longer and reveal the state that has the most expensive property taxes in the USA. According to GoBankingRates, it is the state of New Jersey.
How much do homeowners in New Jersey have to pay in property taxes on average?
The average amount New Jersey citizens have to pay in property taxes is about $10,409. To reach such high figures you need to know that the average property tax is 2.21% and that houses cost 470.981 dollars on average too. This amount seems to be too much for the $55,640 annual salary on average most US workers have. So New Jersey has the maximum amount for two things, the highest property tax rate and the amount paid on it. So, unless you have got plenty of money, it is not a good idea to move there and buy an expensive house available from their Real Estate agencies.
Illinois is the second state in which the Real Estate market has to deal with high property taxes. Luckily, the total amount homeowners in Illinois have to pay is not that high. The average property tax is about 2.05% and the total amount they often pay is about $5,374 on average. Houses are worth much less on average, so that is the main reason for lower fees. On average they are worth about $262,134. Still, it is a lot of money for those low-income families who will not be able to face amounts like this one.
What are the Real Estate prices on average in New Hampshire?
The average house in New Hampshire costs about 443,793 dollars and they have to pay more than in Illinois in total. Their fees reach 8,698 on average and their property tax rate is nearly 2%. It is about 1.96%, so it is still pretty high. Vermont’s property tax is a little lower reaching 1.82%. The total amount they pay on it is about $6,666 and their houses are worth 366,246 on average. It represents a lot of money that could be spent on other necessary expenses to be able to make ends meet and cope with inflation. The Real Estate prices are not affordable either for low-income families either.
Connecticut is the fifth place with the highest property taxes. The Real Estate prices for houses are similar to those in Vermont. They could be worth about $373,373 on average. Having to pay 6,571 dollars per year may be more than the average monthly check many families get in the USA. Even if the property tax rate is not as high as the aforementioned states, just 1,76%.