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Tri-State Residents Pay Some of the Highest Property Taxes in the Country, Study Says


The state with the lowest real estate property taxes is found in the middle of the Pacific Ocean. Hawaii has a real estate tax rate of 0.27 percent. A Hawaii resident will pay $501 dollars on a home assessed at $185,000. However, since Hawaii has the most ...


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Property taxes can be a burden depending on where you live.Some states can have property taxes in the hundreds of dollars, while residents in other states will have to pay thousands a year.WalletHub conducted a study to determine the states with 2018’s highest and lowest real estate and vehicle property taxes in the nation.The U.SCensus Bureau estimates that the average American household spends $2,197 on property taxes for their homes annually and residents of 27 states with vehicle property taxes will shell out an additional $436, WalletHub reports.Top News Photos: Demonstrators Protest Bay Area ICE RaidsMarcio Jose Sanchez/APThe study found that, not only does the tri-state rank among the states with the highest real-estate property taxes, but one of the states in the region is at the top of the list.WalletHub determined that New Jersey is the state with the highest real estate property taxGarden state residents pay about $4,437 annually in taxes on an $185,000 home — the median value of a home in the country as of 2016, according to the U.SCensus BureauHowever, since the median home value in the state is $316,000, residents in the Garden State shell out $7,601 in taxes, the study says.With a real estate property tax rate of 2.02 percent, Connecticut comes in fourth place among the states with the highest real estate property taxes.NJ Students Walk Out in Protest of Teacher's SuspensionConnecticut residents can expect to pay $3,733 in real estate taxes on an $185,000 homeWith the average home value in the state being $239,300, residents actually shell out approximately $5,443 a year in real estate property taxes, the study reveals.Rhode Island and New York are tied with real estate property tax rates at 1.65 percentHowever, New Yorkers will pay more in taxes than Rhode Islanders.On an $185,000 home, a New York resident will pay about $3,057, but with an average state home value of $286,300, New Yorkers will shell out about $4,738 in real estate property taxes annually.Top Tri-State News PhotosProvided by VirtualApt.comThe state with the lowest real estate property taxes is found in the middle of the Pacific Ocean.Hawaii has a real estate tax rate of 0.27 percentA Hawaii resident will pay $501 dollars on a home assessed at $185,000However, since Hawaii has the most expensive real estate market of all the states with the median home value being $538,400, a resident will end up paying $1,459, according to WalletHubFar less compared to New Jersey’s taxes, but far more than the state with the second lowest real estate property tax — Alabama.Residents of Alabama will pay $791 on a home valued at $185,000However, since the median home value in the state is $128,000, residents will end up paying about $550 in real estate property taxes annually.GOP Tax Law Leads to a Tax Hike, More Revenue in Some StatesThough New York and New Jersey pay a pretty penny when it comes to real estate property taxes, these states do not vehicle property taxes.The same cannot be said for ConnecticutWith a vehicle property tax rate of 2.54 percent, the state has the fifth highest vehicle property taxes in the nationA resident can expect to pay about $609 on a $24,000 car annually, according to WalletHub.The study also revealed that red states impose lower real estate property taxes than blue states.Get the latest from NBC 4 New York anywhere, anytimeDownload the App Available for IOS and AndroidFollow NBC New YorkTwitter, Instagram, Facebook

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