The Tax Foundation recently compiled a survey of the property taxes per state. According to a recent report from forbes.com, while there are different manners in which tax rates are computed, the said report had leveled the field by placing the property tax as an actual percentage of total home value on owner occupied properties only.
The Top Ten US states with the highest property tax rate are as follows:
- New Jersey at 2.38 percent;
- Illinois at 2.32 percent;
- New Hampshire at 2.15 percent;
- Connecticut at 1.98 percent;
- Wisconsin at 1.96 percent;
- Texas at 1.90 percent;
- Nebraska at 1.84 percent;
- Michigan at 1.78 percent;
- Vermont at 1.71 percent;
- Rhode Island at 1.67 percent.
According to a blog post from the Tax Foundation spokesperson Jared Walczak, as reported on businessinsider.com, "This is the average amount of residential property tax actually paid, expressed as a percentage of home value. The calculations exclude property taxes paid by businesses, renters and others."
He added, "Some states with high property taxes, such as New Hampshire and Texas, rely heavily on property taxes in lieu of other major tax categories; others, like New Jersey and Illinois, impose high property taxes alongside high rates in other major tax categories."
The Garden State, when further examination is conducted, has seven of the top ten counties with the highest tax rates in the country. According to a report from nj.com, the seven top counties are as follows:
a) Bergen, NJ with a median annual property tax bill of $9,546;
b) Essex, NJ, with a median annual property tax bill of $9,288;
c) Passaic, NJ, with a median annual property tax bill of $8,978;
d) Union, NJ, with a median annual property tax bill of $8,926;
e) Morris, NJ, with a median annual property tax bill of $8,549;
f) Hudson, NJ with a median annual property tax bill of $8,407;
g) Hunterdon, NJ with a median annual property tax bill of $8,392.
