Northeast Owners Pay Highest Property Taxes:
New Jersey once again topped the nation with the priciest median real estate tax bill at $7,331, according to the newly released 2013 American C...ommunity Survey. On the other hand, Alabama has the lowest in the nation at $532.
Depending on where you live can greatly influence how much – or how little – you pay in real estate taxes. The highest property tax states are mostly centered in the Northeast, while the lowest are often in the South, according to the survey.
“When comparing residential tax bills across states it is important to consider government financing,” researchers note at the National Association of Home Builders’ Eye on Housing blog. “Property taxes may represent 40.3 percent of state and local tax receipts, but some states rely less heavily on property taxes as a source of revenue than others.” For example, in New Hampshire the median real estate bill is the third highest in the nation at $5,017, but residents there do not pay an individual income tax at the state level. However, in West Virginia, which has one of the lowest median real estate taxes at $605, residents face the highest marginal rate for individual state income tax at 6.5 percent, according to NAHB.
The following are the states where home owners can expect to pay some of the highest median real estate taxes:
1. New Jersey: $7,331
2. Connecticut: $5,280
3. New Hampshire: $5,017
4. New York: $4,559
5. Massachusetts: $3,955
6. Illinois: $3,939
7. Rhode Island: $3,872
8. Vermont: $3,727
9. Wisconsin: $3,202
10. Maryland: $3,075
11. California =$3,015
On the other hand, home owners will likely find the cheapest median real estate taxes in:
• Alabama: $532
• West Virginia: $605
• Arkansas: $674
Source: “Real Estate Taxes by State – 2013,” National Association of Home Builders
Rick Funk Century 21 Alpha over 34 years of Real Estate excellence!
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