When it comes to buying a home, buyers often focus on the mortgage payment, down payment or even closing costs, however, there is yet another cost to owning a home that comes after the deed is signed – property taxes.
Some states have relatively low property tax rates, while others can add up to quite a hefty sum. The highest rate is in New Jersey, where homeowners pay a property tax of 2.35% annually.
The average American pays about $2,149 per year in property taxes, according to the U.S. Census Bureau, however about $11.8 billion in property taxes go unpaid each year, according to the National Tax Lien Association.
WalletHub, a personal finance website, used data from the U.S. Census Bureau to show which states charged homeowners the most in property taxes.