Real Estate agents always warn that it is not the same to pay property tax in all states. Therefore, those first-home buyers should pay close attention to these prices. There is a big difference between them and it could even be higher if your house is worth a fortune. According to GOBankingRates, the states with the highest property tax are the following ones. Apart from their average house value and annual taxes. The first one is New Jersey.
They claim that the average effective property tax in New Jersey is as high as 2.21 percent. Another important figure to take into account if you are into the Real Estate market is the fact that the average value of homes in that state was a whopping 470,981 dollars in 2022. Living there could cost you more than 10,400 dollars on average. For sure, it will depend on the value of your house and the area where it is.
Which comes second in this Real Estate and property tax race?
First of all, Real Estate enthusiasts should also know that Illinois comes second. However, houses are not as expensive as in New Jersey. On average, houses were worth $262,134 last year. The amount of property taxes reached $5,374 on average per year. And their tax rate is 2.05 percent. Luckily, despite having a high rate, the amount is not that high compared to the first one.
Then, the third place to have the highest property tax is New Hampshire. The Real Estate market has higher house values since they could cost $443,793 on average. Their rate is not even 1,96 but homebuyers could pay approximately $8,698 on average. It is much more money than those living in Illinois. Right after New Hampshire comes Vermont.
What is the property tax rate in Vermont?
Another place to watch out for taxes regarding houses is Vermont. The Real Estate business can see the average price of houses is about $366,246. Their rates are 1,82% and homebuyers could pay about 6,666 dollars on average. It is still a significant amount of money to pay every year and to be able to afford it. Connecticut is not far from the previous home value in Vermont.
Connecticut citizens and those who are into the Real Estate business should know that the average home could be worth about $373,373 on average. The rate is 1,76% and you could end up paying $6,571 on average for taxes. Texas is the state that is in the 6th place. The rate is 1,66 for average houses with a value of $308,392. So, you could pay $5,119 on taxes if you have an average property.