Spring home buying is said to be starting early this year and if you are one of the buyers on the lookout for properties in the market, you might want to consider looking deeper into the picture. A recent report states that New Jersey, Illinois and New Hampshire have the highest property taxes. Does this mean you should avoid buying a home in these states?
WalletHub recently released a report on the list of states with the highest and lowest real estate taxes in the U.S., Realtor.com reported. The findings were based on the U.S. Census Bureau data, which is based on the median property tax payments and median state home prices.
It has been revealed based on these figures that New Jersey has the highest property tax across the entire nation. However, there appears to be a good explanation for this.
"A lot of The Northeast states are known for their higher property taxes and they're also known for the many great amenities they provide," said analyst Jill Gonzales.
According to the report, residents of New Jersey are paying out 2.29 percent more for their property values or $7,335. The state is followed by Illinois, which comes at 2.25 percent or $3,959. New Hampshire comes next at 2.1 percent or $4,996.
Hawaii, on the other hand, had the lowest property tax at 0.28 percent. However, the publication noted that buyers should not rush into buying a house in Hawaii just because of this.
The publication noted that while Hawaii has the lowest property tax in the U.S., the median prices of homes in this area is $185,000 more than in New Jersey.
As previously reported here on Realty Today, property taxes should not be the only determining factor in choosing where to live next.
Safety and the accessibility to work, a good school and the availability of needed amenities are also some of the things you need to think of when looking for a house in the real estate market.
