New York State Not Highest in Nation When it Comes to Property Taxes
We might all feel the squeeze of property taxes here on Long Island but New York State isn’t even the highest property tax state, according to a new report by WalletHub.com, a personal finance website.
In 2022, New York ranked 9th in effective real estate tax rate at 1.72%. The number one spot goes to our neighbors in New Jersey at 2.49%. You might be surprised to learn that states like Nebraska (1.73%) and Texas (1.80%) rank higher on the list.
New York doesn’t even come in on top for median home values, according to the site. With a median home valued at $313,700, New York is lower than number one ranked Hawaii ($615,300) and Washington D.C. ($601,500).
Data from WalletHub.com:
Rank | State | Effective Real-Estate Tax Rate |
1 | New Jersey | 2.49% |
2 | Illinois | 2.27% |
3 | New Hampshire | 2.18% |
4 | Connecticut | 2.14% |
5 | Vermont | 1.90% |
6 | Wisconsin | 1.85% |
7 | Texas | 1.80% |
8 | Nebraska | 1.73% |
9 | New York | 1.72% |
10 | Rhode Island | 1.63% |