Home owners can’t seem to catch a break in the U.S. Property taxes are crippling home owners’ finances and budgets across the country and are having an effect on commercial property investment. Some communities have definitely been hit hard than others, though. The majority of U.S. counties require a property tax bill between $500-$1500 annually. Sadly, that amount is nothing compared to the tax bill required in some U.S. counties. Read on for a look at some of the communities with the highest property taxes in the country.
New York has one of the highest property taxes in the United States. Nassau County, New York has an average property tax bill of $9,088. This staggering total is well above the national average, and can be crippling to families who are working with a budget. While New York boasts some beautiful properties, the property tax bill alone may have you rethinking your decision to move to the Empire State.
New Jersey is another state that has astronomically high property tax bills. New Jersey residents pay an average 1.89% of their total home value. This is very high in comparison with some of the lowest property tax bills in the state including Louisiana at .18 percent, Hawaii at .26 percent and Alabama at .33%. While the Garden State has many wonderful features, an affordable property tax is not one of them.
Another east coast state that has a high property tax bill is New Hampshire. On average, the property tax bill in this state is 1.86 percent of the total property value. This is a hefty tax bill, especially for anyone who lives paycheck to paycheck and it is easy to imagine that individuals in this state apply part of their income tax return to their property tax bill.
Texas has a most unsavory average property tax bill with a rate of 1.81 percent. While property values tend to be a bit less expensive than the average norm in Texas, 1.81 percent is still a high price to pay for the American Dream every year. For example if you own a home in San Antonio, Texas with a property value of $315,000, you can expect to pay a property tax bill of $5,701.50.
Wisconsin is another state that has a less than favorable average property tax bill. Home owners in Wisconsin pay an average 1.76 percent property tax bill. If you’re planning to move to this state, you will want to factor in the property tax bill before making your big move.
guest post by Bert Welles, a financial and tax blogger. Welles has written guides to real estate investment, mutual funds, and small business taxes as well as numerous blog posts about money.