New York State’s Property Taxes Among Highest in the Nation

For those in need of a reminder, it's tax season.

That means New Yorkers everywhere will get to see just how much of their hard-earned money went to local and national taxes.

Then, they get hit once more when the property tax bill rolls around again.

Read More: New York Charges the Highest Rental Rates in America

It's no secret New York is one of the more expensive states to live in - but how bad is it compared to other areas in the United States?

WalletHub is out with its annual report that maps out America's property taxes on a state by state basis.

Hawaii and Alabama remain among the states that charge the least on property taxes, New York bowed toward the bottom on this year's list.

Overall, New York came in 46th place when it comes to states with the best tax rate. Counting Washington, D.C., that means the Empire State charges the 6th highest property tax rate in the country.

New York charges an effective real estate tax rate at 1.60%, and that amounts to roughly $4,856 charged on a home valued at $303,400. That is the median home value on a country-wide basis, according to the most recently available data.

Pair that with the state's median home value around $403,000, that means the average resident is coughing up about $6,450 every time the tax man comes to collect.

There Is a Silver Lining

As a former Connecticut resident, I can tell you there is one thing New York has done right and that is not charging a vehicle property tax.

Connecticut charges residents a 2.11% rate based on the value of their car.  Meanwhile, New York is among the 25 states that think that charge is dumb.

In the end, that does help somewhat. If you lived in Connecticut and drive a Toyota Camry LE four-door Sedan, which is the highest-selling car of 2024, you'd have to pay the state $605 every July.

Just for owning a car.

So, chin up, it could be so much worse!

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