Are New Jersey real estate taxes problematic?
In 2022, the highest state taxes, which average 10 times higher than elsewhere in the country, seven of the 10 highest average property taxes in the US are located in the Northeast.
New Jersey led the pack: the average single-family home paid property taxes of $9,527 in 2022, which was more than 10 times the average that was paid for the average in West Virginia, which was $928. New Jersey isn’t the only Northeastern State that punishes homeowners with high property taxes: Connecticut homeowners pay an average of $7,671, Massachusetts homeowners pay $7,044, New Hampshire homeowners pay $6,855 and New York state homeowners pay $6,673. By far it is clear that New Jersey for the homeowner is the most expensive state to live in, with property taxes 33% higher than its neighboring New York State.
Here are the high property tax rates in order: New Jersey 1.79%, Illinois 1.78%, Connecticut 1.57%, Vermont 1.43% and Nebraska 1.36%.
The other states that round out the top 10 property tax states were: Pennsylvania 1.29%, New Hampshire 1.28%, Ohio 1.27%, New York 1.26% and Iowa 1.25%.
Metro Area High Tax Cities
Rounding out the top five metro areas with the highest effective property tax rates in 2022, New Jersey garnered two out of the top five spots. The highest tax rate came in for Rochester, New York 2.52%; Trenton, New Jersey 2.24%; Rockford, Illinois 2.07%; Peoria, Illinois 1.96% and Atlantic City, New Jersey 1.96%.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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