Does New York Have the Highest Property Taxes in the Country?
It's expensive to live in New York. We know. But are your property taxes costing you more than if you lived somewhere else. Depends where. A new study has broken down some of the staggering numbers, and the results may surprise you. Or maybe they'll just piss you off.
See Also: One of the Most Affordable Places to Retire is Actually in New York?
According to the U.S. Census Bureau, the average American household spends $2,690 on property taxes each year, WalletHub has compared the statistics state by state, and while New York ranks near the top in the country when it comes to expenses, we are actually not in the top 5.
The study used data from the Census Bureau to determine real-estate property tax rates and applying assumptions based on national auto-sales data to determine vehicle property tax rates.
How Much Are We Paying?
According to Wallethub, while we ranked low on vehicle taxes, New York ranked 8th in the country overall for Real-Estate Property taxes. The study says that New Yorkers can expect to pay around $4,231 dollars on a $244.9K home a year.
Is New York a Good State to Raise a Family?
Some may focus on the high cost of living or raising crime rates as indicators to move somewhere else. But a new study has shed some light on where the best states to raise a family are. It may come as a surprise to some naysayers that New York did quite well, according to this data.
WalletHub compared all 50 states for raising a family using five key dimensions; family fun, health and safety, education and child care, affordability, and socio-economics.
Where Does New York Rank?
According to WalletHub, Massachusetts ranked 1st overall, while Mississippi came in dead last. New York came in 3rd overall, while ranking 2nd when it came to family fun, and 8th for health and safety. Vermont was 5th, New Jersey was 7th, Connecticut 10th, and Pennsylvania 18th.