WalletHub Ranks New York 6th, Connecticut 3rd for 2025 Property Taxes

WalletHub's 2025 Property Taxes by State report reveals that the average American household spends $2,969 annually on real-estate property taxes, with significant variation across states. New Jersey tops the list with the highest effective property tax rate of 2.23%, leading to an average annual payment of $9,541 for homeowners. Connecticut ranks third, with an average property tax bill of $5,813 on a median home value of $343,200. In contrast, Hawaii has the lowest effective tax rate at 0.27%, resulting in an average payment of $2,183. Experts emphasize the importance of considering property taxes when moving, as they can greatly impact overall housing costs. The study highlights the disparities in property tax burdens across the U.S., prompting discussions about their implications on homebuyers and local economies.