Homeowners in New Jersey are paying the highest property tax in the nation – and it’s not even close.

According to newly released data from Realtor.com, the median property tax bill in the Garden State rose to $9,413 in 2024, nearly three times the national median of $3,500.

That figure cements New Jersey’s long-standing status as the most heavily taxed state in the nation when it comes to property ownership.

Trailing New Jersey, but by a large margin, is New Hampshire, where the average property tax bill was $7,715, or about $1,700 less than New Jersey annually.

New Jersey even beats the other high tax states in the region such as New York and Connecticut, which saw average bills of $6,096 and $6,944 respectively.

The state of Arkansas had the lowest bill, at just $725 per year.

In Lakewood, the average property tax bill was $8,448, a 6.8% increase from last year. In Jackson the average bill was $8,501 (+3.8%), and in Toms River the average property tax due was $7,896 (+5.7%).

In New Jersey, the property tax is determined by six basic factors:

1. The market value of the property that you own
2. The cost of municipal and county programs and services
3. The costs of your local public schools
4. The availability of other revenues to cover those costs
5. The extent of the presence of tax exempt properties in your municipality
6. By the total value of all the taxable properties in your municipality.

In Lakewood last year, a total of $264,568,728 in property tax revenue was collected, with $115,081,975 (45%) going to the public school district, $86,988,431 (32%) going to the municipality and $62,498,322 (22%) collected to support county government spending.