Property taxes can vary significantly depending on where you live, with homeowners on one side of a city or county line paying more than those on the other side. The typical American pays about 1.02% of their home’s value in property taxes each year, with these taxes increasing by nearly 25% between 2019 and 2023. Property taxes fund public schools, infrastructure repairs, and other programs, with a portion of your mortgage payment going towards these taxes. Property taxes vary by state, with New Jersey, Connecticut, New York, New Hampshire, and Massachusetts having the highest median property tax bills for single-family homes in 2023, while West Virginia had the lowest. Differences in home values and state property tax rates contribute to variations in property taxes across states.
For example, in West Virginia, average annual property taxes range from $210 in some counties to $1,856 in others, while in New Jersey, they range from $4,590 to $11,350. Counties in the New York City area, such as Westchester County, had the highest property tax bills in 2023. Knowing the value of your home is essential for homeowners and can influence decisions about buying or selling. Location plays a crucial role in determining a home’s value, making it important for homeowners to understand the property tax implications of where they live.
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