"Property taxes represent a recurring cost that can significantly affect financial planning, savings capacity, and long-term affordability. Even if a home's purchase price appears manageable, high property taxes can dramatically increase the overall cost of ownership and strain household budgets."
"In New Jersey, the owners of a home priced at the state's median home value, which in the state is $454,400, pay an annual $9,590. Meanwhile, in states like Alabama, which has the second-lowest real estate tax rate in the country, the owners of a home at the state's median home value, which in this case is $209,900, pay about $788 each year."
Property taxes represent a substantial ongoing cost of homeownership that persists even after mortgages are paid off, adding financial pressure to already strained household budgets. A WalletHub study ranked all 50 states by effective property tax rates using US Census Bureau data. New Jersey leads with the highest rate at 2.11%, followed by Illinois at 2.01%, while Hawaii has the lowest rate. The disparity is striking: New Jersey homeowners with median-valued homes pay approximately $9,590 annually, compared to Alabama residents paying around $788 yearly. These recurring costs significantly affect financial planning, savings capacity, and long-term housing affordability for American homeowners.
Read at Business Insider
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