- New Jersey residents pay the most property taxes, with an estimated $375,683 paid by the average homeowner over their lifetime.
- Connecticut and New York rank second and third, paying an average of $261,908 and $259,325 in lifetime property taxes, respectively.
- Alabama homeowners pay the lowest lifetime property taxes, averaging $26,724.
New data has revealed that New Jersey residents pay America’s highest lifetime property taxes.
The study, conducted by certified public accountants Ahad&Co CPAs, analyzed median annual property taxes, the average age of first-time buyers, and the estimated life expectancy of residents to determine which states have the highest and lowest lifetime property tax costs.
According to the data, New Jersey spends the most on lifetime property taxes. With an average annual property tax of $9,163 and a life expectancy of 79, the typical homeowner will pay $375,683 over their lifetime. This is 220% higher than the national average of $117,346. With the median first-time homebuyer age in the U.S. at 38, the typical New Jersey homeowner pays this amount over 41 years.
Connecticut homeowners rank second, paying an average of $261,908 in lifetime property taxes. The state also has a life expectancy of 79 years old. However, the average annual property tax amount is $6,388, paid over 41 years.
New York is in third place, with an average lifetime property tax amount of $259,325. The median house price in the state is $519,500. With an annual property tax rate of 1.22%, New York homeowners can expect to pay an average of $6,325 annually across 41 years.
New Hampshire ranks fourth, with an average lifetime property tax of $251,400. Homeowners in the state pay $6,285 annually on average across 40 years.
Massachusetts follows closely in fifth place. Homeowners in the state will pay an average of $5,821 annually across 41 years, bringing their lifetime property taxes to $238,661.
California ranks sixth. Homeowners in the state will pay an average of $204,560 in lifetime property taxes across 40 years.
Illinois ranks seventh, the state’s life expectancy of 77 means that the average homeowner can expect to pay $198,471 in lifetime property taxes across 39 years.
Vermont ranks eighth for the highest property taxes. Homeowners pay an average of $4,851 annually, totaling $194,040 in lifetime property taxes.
In ninth place is Rhode Island. Homeowners in the state will pay an average of $185,760 in property taxes across 40 years.
Washington rounds out the top 10. The average lifetime property tax amount in the state is $179,120.
Alabama was found to have the lowest lifetime property taxes, with $786 annually expected to be paid across 34 years, bringing the average lifetime property taxes in the state to $26,724. This is 77% lower than the national average amount of $117,346.
The 10 states that pay the highest lifetime property taxes