New Jersey has highest property taxes in US – Business News
Property taxes are one of essentially the most vital ongoing bills householders face.
The taxes are supposed to fund native authorities companies akin to infrastructure, faculties, and different important systems.
The particular payment is calculated based mostly on a home’s worth and its location, although the quantity can differ yearly based mostly on native tax legal guidelines and the home’s worth.
Typically, if somebody’s home is more invaluable, they’ll owe more in property taxes. Home values are additionally re-evaluated as typically as yearly, which implies property tax payments can change.
The challenge dealing with many owners is that property taxes are growing resulting from elevated home values and adjustments to native tax charges, Realtor.com senior economist Joel Berner stated in an April report.
The median property in the US noticed its property tax invoice grow by 2.8% from 2023 to 2024 as over 73% of properties had tax will increase during that time.
In 2024, the median tax invoice in the US was $3,500, which was largely pushed by home price appreciation.
New Jersey has the highest median property taxes of any state in the US. John McAdorey – stock.adobe.com
A residential neighborhood in Wanaque, NJ, on July 4, 2025. Christopher Sadowski
However, Berner stated many owners might not notice they’ll protest their home’s worth evaluation.
In truth, over 40% of properties nationwide may save a minimum of $100 by protesting the assessed worth, with a median financial savings of over $500, in accordance with Berner.
Such taxes have turn into a flashpoint amongst politicians, with some even calling for his or her full elimination.
One Pennsylvania lawmaker argued that householders shouldn’t must “pay rent” to the federal government.
The New York City skyline in the background close to Newark, NJ, on June 17, 2021. Bloomberg by way of Getty Images
A residential neighborhood in West Orange, NJ on June 22, 2025. Christopher Sadowski
New Jersey Gov. Phil Murphy speaks at a press convention at Newark Penn Station on May 15, 2025. Kyle Mazza/NurPhoto/Shutterstock
Recently, Gov. Ron DeSantis doubled down on his objective of eliminating property taxes in Florida, a transfer that might make it the lone state in the nation with no state income or property tax.
Residents in New Hampshire, New Jersey, Connecticut, Washington and New York face the highest median property tax quantity, in accordance with the newest knowledge from Realtor.com
Conversely, Indiana, Alabama, West Virginia and Arkansas residents have the bottom median property tax quantity.
Here are the states in order from highest to lowest median property tax quantity, in accordance with Realtor.com:
New Jersey – $9,413
New Hampshire – $7,715
Connecticut – $6,944
Washington – $6,338
New York – $6,096
Texas – $5,860
California – $5,248
Massachusetts– $5,142
Rhode Island– $5,111
District of Columbia – $5,087
Maryland – $4,874
Maine – $4,335
Oregon – $4,265
Alaska – $4,113
Minnesota – $3,712
Florida – $3,659
Wisconsin – $3,612
Colorado – $3,398
Kansas – $3,379
Pennsylvania – $3,137
Montana – $3,072
Hawaii – $2,931
Ohio – $2,823
Iowa – $2,816
Utah – $2,768
Virginia – $2,755
Georgia – $2,683
South Dakota – $2,632
Missouri – $2,534
North Dakota – $2,525
Nebraska – $2,382
Nevada – $2,316
Vermont – $2,206
Wyoming – $2,024
Illinois – $1,974.5
Idaho – $1,974
North Carolina – $1,971
Arizona – $1,956
New Mexico –$1,734
Delaware – $1,702
Michigan – $1,670
Kentucky – $1,551
Oklahoma – $1,481
Louisiana – $1,415
Tennessee – $1,333
South Carolina – $1,328
Mississippi – $1,034
Indiana – $995
Alabama – $804
West Virginia – $728
Arkansas – $725
