New Jersey vs Utah
Property Tax Comparison: New Jersey vs. Utah
According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), the two states differ markedly in how much homeowners pay in property taxes. New Jersey’s effective property‑tax rate is more than four times that of Utah, while median home values and household incomes are relatively comparable. The data below provides a side‑by‑side view of the key metrics that influence the cost of homeownership in each state.
Side‑by‑side comparison
| Metric | New Jersey | Utah |
|---|---|---|
| Effective property‑tax rate | 2.23 % | 0.53 % |
| Median home value | $427,600 | $455,000 |
| Median annual property tax | $9,541 | $2,412 |
| Property tax on a $250,000 home | $5,578 | $1,325 |
| Property tax on a $500,000 home | $11,157 | $2,651 |
| Median household income | $101,050 | $91,750 |
| Internal link | New Jersey property tax | Utah property tax |
Who “wins” on property taxes?
- Winner (lower tax rate): Utah
- Tax‑rate difference: 1.70 percentage points, which is a 76.24 % lower effective rate than New Jersey’s.
- Annual tax difference on a $250 k home: $4,253 (Utah pays $1,325 vs. New Jersey’s $5,578).
- Annual tax difference on a $500 k home: $8,506 (Utah pays $2,651 vs. New Jersey’s $11,157).
Why Utah wins: The effective property‑tax rate of 0.53 % in Utah is substantially lower than the 2.23 % rate in New Jersey. Because the rate is applied to the assessed value of the property, the lower rate translates directly into lower annual tax bills across the price spectrum, as shown by the $250 k and $500 k examples.
Which audiences benefit most from this comparison?
| Audience | Relevance of the comparison |
|---|---|
| Current homeowners | Understanding how their property‑tax burden compares to another state can inform decisions about relocating or refinancing. |
| Prospective homebuyers | The tax differential may affect overall affordability, especially for buyers on a tight budget. |
| Retirees | Property taxes are a recurring expense; a lower rate can reduce the cost of maintaining a fixed‑income lifestyle. |
| Real‑estate investors | Tax liability influences cash‑flow projections; Utah’s lower rates may improve net returns on rental properties. |
| Policy analysts | The data illustrate how state‑level tax structures vary, providing a baseline for fiscal‑policy research. |
All figures are drawn from the same source—the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates)—ensuring a consistent basis for comparison. No subjective judgments or promotional language are included; the article presents the numbers as they stand, allowing readers to draw their own conclusions about the relative cost of property ownership in New Jersey and Utah.
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Data Source
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates). This comprehensive dataset provides reliable, standardized property tax information across all states.