These New Jersey towns take the smallest property tax bite.
Property taxes. They’re insignificant to some and the bane of others’ existence. The average American household spends $2,089 on property taxes for their homes each year, and residents of the 27 states with vehicle property taxes shell out another $423. Considering these figures and the debt-fueled environment to which we have grown so accustomed, it should come as no surprise that roughly $11.8 billion in property taxes go unpaid each year, according to the National Tax Lien Association.
States tax real property in a variety of ways: some impose a rate or a millage—the amount of tax per thousand dollars of value—on the fair market value of the property, while others impose it on some percentage (the assessment ratio) of the market value, yielding an assessed value.