NEW YORK (WWTI) — Annually, the average American household spends over $2.4 thousand on real-estate property, and New York has been found to be one of the most expensive states for these taxes.
A report released Tuesday, 2021’s Property Taxes by State, determined who pays the most relative to their state by comparing home and vehicle taxes across the nation. The report compared all 50 states and the District of Columbia by using U.S. Census Bureau data to determine rates.
According to the report, New York has the ninth highest real-estate property taxes nationwide. Hawaii was found to have the lowest taxes and New Jersey was found to have the highest.
Additionally in New York, the real-estate tax on a median home value was determined to be $5,407, while the median home value nationally was $3,749.
WalletHub stated that these values were determined by dividing the median real-estate tax payment by the median home price in each state.
For the full report, visit the WalletHub website.