10 Cities With the Highest Property Tax Burdens — 4 Are in This Surprising State
Written by
Crystal Mayer
Edited by
Rebekah Evans
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
For most homeowners, property taxes pack a painful punch each year. They can cost thousands of dollars, depending on the city.
In some areas of the country, mortgage holders can pay nearly 10% of their income to property taxes. Here are the 10 cities with the highest property tax burdens, according to SmartAsset.
Paterson, New Jersey
According to the SmartAsset study, the city in the U.S. with the highest tax burden was Paterson, New Jersey. Homeowners in the city paid an astounding property tax rate of 9.8%, as a percentage of income. In fact, the median annual property taxes paid were $9,779. Paterson homeowners have median monthly housing expenses of $2,869, some of the highest in the nation.
Bridgeport, Connecticut
Surprisingly, the state of Connecticut has several cities with high property tax burdens. Among them, Bridgeport leads the pack with property taxes being around 7.4% of a person’s income in the city. According to Zillow, the average home value in the city was $343,613, up 3.6% from the previous year.
Waterbury, Connecticut
Another Connecticut city with a high property tax burden was Waterbury, according to the SmartAsset study. Homeowners paid around 7.1% of their income in property taxes and spent a median of $1,875 in monthly housing costs. The median annual property taxes paid were $5,302, while the median income of households with a mortgage was $74,973.
Newark, New Jersey
Property taxes as a percentage of income in Newark, New Jersey were 6.1%. Homeowners paid median annual property taxes of $6,833, meaning each month they added almost $570 to their costs. In fact, median monthly housing costs in the northeastern city were $2,447.
Jersey City, New Jersey
Jersey City, New Jersey ranked fifth on the list with the highest property tax burdens, according to data compiled by SmartAsset. Homeowners paid 6% in property taxes as a percentage of income. The median annual property taxes paid in the city were $9,197, while the median monthly housing costs were $3,376.
Richmond, California
On the West Coast, property taxes were 6% of a person’s income for residents of Richmond, California. The median income of households with a mortgage was $129,155 and median monthly housing costs were $2,893. According to BestPlaces, the cost of living in Richmond was 75% higher compared to the national average and 17% higher than the state average. Taxes and housing costs both contribute to this increased cost of living.
Aurora, Illinois
Residents of Aurora, Illinois also pay a high tax burden. As reported in the SmartAsset study, homeowners paid 5.8% in property taxes as a percentage of income. Additionally, median monthly housing costs in the area were $1,996 and median annual property taxes paid were $6,399.
Allentown, Pennsylvania
The Pennsylvania city of Allentown ranked 8th for places with the highest property tax burden. Homeowners paid median monthly housing costs of $1,564 and property taxes were 5.6% when calculated as a percentage of income.
New Haven, Connecticut
In New Haven, Connecticut, homeowners paid 5.6% in property taxes when figured as a percentage of their income. This meant that the median annual property taxes paid were $6,745 and the median monthly housing costs were $2,141.
Stamford, Connecticut
Rounding out the top ten cities with the highest tax burdens was another Connecticut location. Homeowners in Stamford, Connecticut, paid 5.5% in property taxes as a percentage of their income. They also had median monthly housing costs of $3,488 and paid median annual property taxes of $9,951.
More From GoBankingRates
