The Post and Realtor.com have said that the issue facing many homeowners is that property taxes are growing due to increased home values and changes to local tax rates, Realtor.com senior economist Joel Berner said in an April report. The median property in the US saw its property tax bill grow by 2.8% from 2023 to 2024 as over 73% of properties had tax increases during that time.
In 2024, the median tax bill in the US was $3,500, which was largely driven by home price appreciation. Recently, Gov. Ron DeSantis doubled down on his goal of eliminating property taxes in Florida, a move that would make it the lone state in the country with no state income or property tax. Residents in New Hampshire, New Jersey, Connecticut, Washington and New York face the highest median property tax amount, according to the most recent data from Realtor.com. Conversely, Indiana, Alabama, West Virginia and Arkansas residents have the lowest median property tax amount.
For the record, the property taxes on my last house in New Jersey? In 2014, I paid $ 22,344.00 to Neptune Township, which ain't exactly like the Upper East Side of Manhattan. Here in Florida, granted I own a slightly smaller home, my property taxes this year were $ 1,690.00. Juss' sayin...
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Last year in Colorado my property taxes went up by 26% and we were warned a month ago that they'll go up again next year.
ReplyDeleteThat money to be a sanctuary state has to come from somewhere.......
Making home ownership impossible for the average person. Why do I owe the government for a house I paid for and paid taxes on at the time of purchase? This isn't ownership it's renting from the gov.
ReplyDelete22k is almost as much as I made in a year in the 90s.
ReplyDeleteEscaping New Jersey is one of the best, most rewarding things I've ever done.
ReplyDeleteI don't know the specific details of most of the states, but as someone who is actively looking to move to New Hampshire, I can tell you that "average" property tax cost does NOT do the state any justice or reflect reality. For instance, a $300,000 home in Lebanon, NH (on the VT border) might have a property tax bill of $9000 a year, while a $400,000 home in Moultonboro, NH might have only a $2800 annual bill. Taxes are set at the town level, not the county or state level, and there are MANY low-tax towns (who actually advertise as such in real estate listings). So while the "average" for NH might be rather high, as always, blame the citizens of the large "blue cities and towns" who love to waste money and steal even more from their neighbors. Still plenty of red towns that behave responsibly and tax accordingly.
ReplyDeleteIn my western corner of NJ, a semi-rural deeply red area, an 1100sqft condo will sell for $350,000. Taxes will be $5000 and the condo owner's fee $4800. A 1500sqft house a block or three away will sell for about $400,000 and the taxes will be around $9000. Yes that's steep. But it's a very nice, peaceful, wooded, well kept area with great schools, nearly zero crime and it's still large majority white. Easy access to everything, within commuting range of Philly, NYC, Trenton.
ReplyDeleteI lived in New Hope, PA for almost 30 years. I lived on 2.5 acres in a modest home. My property (and school) taxes were $10,000 a year. That same type of property across the Delaware River in New Jersey would have been $25,000 a year.
ReplyDeleteNew Hampshire beats them hands down.
ReplyDeleteNOT everywhere in the state and if you are from NH, you already know that. MASSIVE range from city to city. Can still find super low property taxes in many, many cities/towns.
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