Homeowners across the U.S. face rising property taxes, which can total tens of thousands annually, regardless of property size. These taxes are determined by the value of homes and land, contributing to significant financial pressures, especially for potential homebuyers. Local and state governments rely heavily on property taxes for revenue, which varies by location. New Jersey has the highest property tax rate, averaging 2.46%, with some municipalities seeing bills over $25,000. The economic burden of property taxes complicates affordability, especially in middle-income states like Texas and New Jersey.
"The high property tax burdens in these states make affordability even more of a challenge."
"Homeowners are responsible for paying taxes on their properties - no matter how small the home or parcel may be."
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