We pay our taxes on time and down to its single cents because, as the Feds would like to put it, we are all stakeholders for the building of this great and mighty nation -- yeah, yeah, they're right.
According to one study conducted by the National Tax Lien Association, the annual tax lien sales in the country have reached an estimated value of $15 billion. It means that there is $15 billion worth of U.S. homes foreclosed every year because of the owners' failure to pay real estate property taxes.
One thing's for sure, that's a lot of homes, and a lot of American families forced out of their domiciles.
In the United States, households are bound by the law to shell out $2,089 on the average for their homes' property taxes. You can factor in another $423 to that number if you are one of the residents in the 27 states with vehicle property taxes according to WalletHub.com.
The people behind the site also came out with a data on real estate and vehicle property taxes values upon analysis of the 50 states and the District of Columbia.
In their findings, data shows that every year, the Garden State of New Jersey levies the highest real estate property tax on its local residents amounting to $3,971, as was noted by the Philadelphia Business Journal. It is closely followed by Illinois with $3,939, New Hampshire with $3,649, Wisconsin with $3,398, and Texas with $3,327.
At the other end of the tax burden spectrum, Hawaii people are only paying $482 of real estate property taxes, which is eight times smaller compared to those from New Jersey. Also enjoying their low taxes are the residents of Alabama ($752), Lousiana ($832), Delaware ($917), and South Carolina ($984).
Meanwhile, local residents from the Rhode Island will have to pay for the highest vehicle property taxes in the country which stands at $1,133. The state of Virginia also imposes high taxes at $962, followed by Kansas at $905.
The state of New Jersey is making up to its residents with their zero vehicle property taxes. Other states like New York, Ohio, Hawaii, Illinois, Georgia, and Florida also enjoy the same privilege.
Philadelphia Business Journal also cited one key statistics from the WalletHub data and it shows that the "Real estate property taxes in the average Blue State ($2,250), as in those who voted Democrat in the last presidential election, were 39 percent higher than those in the average Red State ($1,613)".
In their methodology, WalletHub used data from the Census to calculate the Real estate property tax rates by dividing the median real estate tax payment by the median home price.
