According to a report by the personal finance website WalletHub, NY homeowners are among some of the highest paying in terms of property taxes across the country. New York has the eight highest property taxes in the country as stated in the report (2023’s Property Taxes by State) which also includes Washington D.C.
By the Numbers
The average home price across the U.S. is $244,900, which would equate to an estimated $4,231 in New York. However, the median home value in the state of New York is $340,600 which would come out to an estimated $5,884 in tax by the state.
Hawaii is home to the lowest property taxes in the U.S., with New Jersey being the highest. The tax on a $244,900 home in Hawaii is an estimated $700 and a home of the same value in New Jersey will net an estimated $6,057. On average, Americans spend around $2,690 on property taxes. Also, 26 states, including Massachusetts, Connecticut, and Rhode Island have residents shelling out on average another $444 on vehicle property taxes.
Rising Individual Debt
More than $14 billion in property taxes go unpaid every single year, which is seen as a major contribution to the rising individual debt that is plaguing the country. John Kiernan, the Wallethub managing editor, says tax burdens aren’t just a problem for the country’s homebuyers, but also for renters, who account for about 35% of U.S. households. “We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments,” Kiernan wrote in the report.
Wrap Up
Property taxes are an unfortunate part of every homeowner’s life, if you need assistance paying your property taxes, or have any questions, give DSJ a call for professional help.