A recent Wallethub report analyzing state property taxes across the U.S. revealed that New York has the 7th highest real-estate property taxes in the nation. Using the most recent U.S. Census Bureau data, from 2021, Wallethub compared the 50 states and District of Columbia based on real estate and vehicle property taxes.
Living up to its reputation for high real estate property taxes, the Northeast accounts for half of the top 10 ranked states. New York’s effective real estate property tax rate is 1.73%. The annual taxes on a home valued at $340,600 – the median home value in New York State – is $5,884.
The Empire State’s neighbor, New Jersey, topped the list of highest real estate property taxes with a rate of 2.47%. Annual taxes on a home at the state median value of $355,700 would be $8,797.
The other northeast states in the top 10 include Connecticut ranking third with a 2.15% rate; New Hampshire, ranked fourth at 2.09%; followed by Vermont at 1.90%. While New York may have one of the highest real estate property tax rates in the country, vehicle property tax is the opposite. New York ties with 23 other states and the District of Columbia for lowest vehicle property tax rates at a whopping 0%.
