New York Among Top 10 States With Highest Property Taxes
Just in case you needed confirmation, New York State has one of the highest property tax rates in America. WalletHub conducted a study to find out which states have the highest property taxes and New York landed in the top 10.
According to U.S. Census Bureau, the average American household spends $2,690 on property taxes on their homes. Vehicle property taxes in 26 states costs on average another $444. National Tax Lien Association says that $14 billion in property taxes are not paid each year.
In its effort to find the states with the highest property tax burdens, WalletHub,
analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes. We also asked a panel of property-tax experts for practical and political insight.
Which States Have The Highest Tax Burdens?
The State With The Highest Property Tax Burden For 2023 Is...
#1 New Jersey
Even though New York and New Jersey are neighbors, property taxes in New York aren't quite as high.
Here's Where New York State Landed In The Top 10 States With The Highest Property
#8 New York
Even though New York's property taxes are among the top 10 highest in the United States, there is a silver lining (of sorts). First, we aren't at the top of the list. Second, we don't have vehicle property taxes. Here are New York's highlights when it comes to taxes.
Property Taxes in New York (1st=Lowest; 25th=Avg.):
- Real-Estate Property Tax Rank: 44th
- Vehicle Property Tax Rank: 1st
- Real-Estate Tax on Median State Home Value: $4,231
- Real-Estate Tax on Median U.S. Home Value: $5,884
- Vehicle Property Tax on Best-Selling Car: $0
SEE ALSO: These 9 States Have Seen Higher Rent Increases Than New York State
8. New York
4. New Hampshire
1. New Jersey