Gulp! What You’ll Pay in New Jersey Property Taxes Over Your Lifetime

Ouch. This is going to hurt.

Well, it already hurts.

It hurts every single day, every single month, every single year.

High Property Taxes in New Jersey

It's confirmed that New Jersey has the highest property taxes in the country.

According to Portland Real Estate, property taxes in the Garden State average $9,163 a year. (If yours are lower, you are probably breathing a sigh of relief right now.)

By the way, the average property taxes in New Jersey are based on the average median home price of $538,800.

Hold on, because the next one is going to hurt.

New Jersey's median property tax is almost $3,000 (!) higher than the second-highest state, Connecticut, where the median property tax is $6,388.

Way down the list, at the bottom sits Alabama. The average home price in Alabama is $275,500, and the median property tax is only $786 a year!  In other words, Alabama pays in one year, what we here in New Jersey pay in one month! Yikes!

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Over a lifetime

If you break down the average property tax a New Jersey resident will pay out over a lifetime, the number in the end is huge.

Considering the life expectancy of a resident of New Jersey is 79 (among the highest in the country, by the way!) and the average years of home ownership is 41, we will be paying out a lot of property taxes over our lifetime.

The total: $375,793. Again, yikes!

That total is by far the highest of all USA residents. Coming in 2nd is Connecticut, with a total lifetime payout of $261,908

Yes, we pay a lot in property taxes in New Jersey!

SOURCE: Portland Real Estate