How much property tax will you pay on a new home? Compare every state.
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Property tax depends on your home's assessed value and the combined rate of your county, city and school district. Average effective rates range from about 0.3% of home value in Hawaii to 1.9% in New Jersey and Illinois.
Many states offer a homestead exemption that reduces the taxable value of your main home, and seniors and veterans can often get extra relief. Your lender usually collects 1/12 of the bill each month through escrow.
| Home value | 350,000 $ |
| State | New Jersey |
| Your local rate (optional) | 0% |
| Homestead / other exemption | 0 $ |
| Property tax a year | $6,580 |
| A month (escrow) | $548 |
| Rate used | 1.88% (New Jersey average effective rate) |
$6,580.
| Home value | 350,000 $ |
| State | Florida |
| Your local rate (optional) | 0% |
| Homestead / other exemption | 0 $ |
| Property tax a year | $2,730 |
| A month (escrow) | $228 |
| Rate used | 0.78% (Florida average effective rate) |
$2,730.
New Jersey and Illinois, with average effective rates of about 1.88% of home value, followed by Connecticut, Vermont and New Hampshire.
Hawaii (about 0.29%), then Alabama (0.37%), Arizona and Utah (0.48%).
Assessed value × the local mill rate (tax per $1,000 of value), minus exemptions. Assessed value may be a fraction of market value.
Yes, as part of the state and local tax (SALT) deduction if you itemize — capped at $40,400 for 2026 (reduced for incomes over about $505,000).