Manhattan’s NY suburbs and northern New Jersey counties are places you have to avoid like the plague if you don’t want to be surprised with a hefty property tax bill. Citing findings from a recent residential property tax research from the Tax Policy Center, CNN Money reports that these two destinations are home to three counties with the highest property taxes in the US.
These three counties include Westchester County in New York ($9,647); Nassau County in NY ($9,080); and Bergen County in New Jersey ($8,893). Five more counties in New Jersey meanwhile are home to households that shell out a whopping $8,000 a year in taxes.
Elsewhere in the United States, 60 percent of counties incur taxes ranging between $500 and $1,500 annually. Some counties in Michigan, Nebraska, North Dakota and Ohio meanwhile were taxed an equivalent of one percent higher their home price value. This is considered high, according to CNN Money, since property taxes in general average below the 1 percent mark.
Conversely, Alabama and Louisiana are the states that are home to counties with the lowest property taxes. 24 counties that belong to these states have an average of $250 a year.
CNN Money noted that property taxes fluctuate differently and are quite hard for taxpayers to figure out. Why? First of all, there’s no fixed formula on how each counties compute them; and second the assessed value of your home which serve as the basis for property tax computation have little bearing really to the real market value of your property.
CNN Money report added that the previous year’s assessment is not a reliable basis for computing this year’s taxes.
New York still tops the cities with the highest local property taxes despite the Tax Cap law passed by Government Andrew M. Cuomo in 2011.