Here's How Much NJ Pays In Property Taxes Compared To The Rest Of The Nation

Forget Beverly Hills, Miami or The Hamptons. The oceanside hotspot with the highest median property tax bills in the country is the state of New Jersey.

According to the latest data available from Realtor.com, New Jersey leads the nation with a $9,413 typical price tag tacked on to homeownership. This is almost three times the national average in 2024. The median tax bill for the entire country was reported at $3,500.

According to Joel Berner, a senior economist with Realtor.com, a rise in home values and adjustments to local tax rates can be to blame. Both metrics are reevaluated as often as every year. Berner says more than 40 percent of homeowners nationwide would be able to protest their home value's assessment and save at least $100, with a median savings of more than $500.

Over the period from 2023 to 2024, more than 73 percent of properties had tax increases across the United States, and the median bill grew by 2.8 percent. New Jersey is followed by New Hampshire, Connecticut, Washington and New York.

According to the latest data available from Zillow, New Jersey is third in the nation in terms of hottest housing market growth. The state posted a five percent jump from May of 2024 through May of 2025, with the average home value now sitting at $564,794. This is up from $537,847 during the same period last year.

Homeowners under a certain price tag are seeing some added relief under Governor Phil Murphy's newly signed budget for the next fiscal year that went into effect on July 1.

MORE FROM PATCH: Murphy Signs Record-Busting Budget—With New Taxes And Tax Relief—Into Law

Under the record-breaking $58.78 Appropriations Act, nearly $4.3 billion in direct property tax relief for New Jersey homeowners and renters is included. Of this, $2.4 million is for the continuation of the ANCHOR program, $239 million is going towards the Senior Freeze program, and $600 million more in resources is directed to significantly reduce property taxes for more than 432,000 senior homeowners through the Stay NJ program.

An estimated $4.3 billion in tax relief for New Jersey residents was slated in the plans while the state is currently facing a $3.7 billion budget hole, though analysts say the actual deficit is closer to the $1.2 billion that was proposed in new taxes and fees.

There is also an increase in the amount of the additional taxes and fees on certain transfers of property valued at over $2 million.

The seller, rather than the buyer, is responsible for the payment of both the additional fee and the controlling interest transfer tax imposed on certain transfers of real property valued at over $1 million: Two percent for transfers more than $2 million, but not more than $2.5 million; two and one-half percent for transfers over $2.5 million, but not more than $3 million; three percent for transfers over $3 million, but not more than $3.5 million; and three and one-half percent for transfers over $3.5 million.

In an earlier proposal, houses with sale prices of at least $1 million would have been subject to a higher rate. The current 1 percent fee on homes sold between $1 million and $2 million stays. The fee is unofficially called the "mansion tax."

In New Jersey, the average property tax bill also topped $10,000 for the first time last year, according to the Department of Community Affairs. The average of $10,095 is sourced from a wide range of totals, from just $2,000 in two towns to more than $37,000 in another.

MORE FROM PATCH: Highest Property Taxes In NJ: 18 Towns Where Annual Bill Is Over $20K

The top 5 towns with the highest average property taxes in the state were:

• Tavistock Borough, Camden: Average residential property value of $2,640,533and average annual property taxes of $37,908.
• Millburn Township, Essex: Average residential property value of $1,282,294 and average annual property taxes of $25,407.
• Demarest Borough, Bergen: Average residential property value of $809,319 and average annual property taxes of $24,736.
• Mantoloking Borough, Ocean: Average residential property value of $2,849,298 and average annual property taxes of $24,422.
• Tenafly Borough, Bergen: Average residential property value of $839,028 and average annual property taxes of $23,833.