Floridians’ median property tax cost about average


WASHINGTON – Oct. 10, 2014 – New Jersey once again topped the nation with the priciest median real estate tax bill at $7,331, according to the newly released 2013 American Community Survey.

In Florida, the median property tax rate falls close to the center. The state ranks No. 22 overall, with a media property tax rate of $1,623.

At $532, Alabama has the lowest rate in the nation. The highest property tax states are mostly centered in the Northeast, while the lowest are often in the South, according to the survey.

"When comparing residential tax bills across states, it's important to consider government financing," researchers note on the National Association of Home Builders' (NAHB) Eye on Housing blog. "Property taxes may represent 40.3 percent of state and local tax receipts, but some states rely less heavily on property taxes as a source of revenue than others."

In New Hampshire, for example, the median real estate bill is the third highest in the nation at $5,017, but residents there do not pay an individual income tax at the state level. However, in West Virginia, which has one of the lowest median real estate taxes at $605, residents face the highest marginal rate for individual state income tax at 6.5 percent, according to NAHB.