In January 2017, The National Association of Home Builders' David Logan reported on average property taxes by state, an issue that received much attention due to the GOP's new tax reform bill.
Using 2015 American Community Survey data, the NAHB's Eye on Housing says that New Jersey led the nation with the highest average annual real estate tax (RET) bill of $8,180. The highest property tax states are located in the Northeast while Southern states have the lowest RET bills for their resident homeowners, except for Texas.
Property taxes account for 35 percent of state and local tax receipts, on average. Some state and local governments rely more heavily on property taxes as a source of revenue than others. Texas' local governments fund government obligations by levying the seventh highest effective property tax rate (1.63 percent) in the country, on average.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development