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Tax Foundation is a non-partisan research group based in Washington, D.C. The foundation conducted research based on the real estate tax figures for 2006. They published their research in 2007 and it was seen that each resident of Hunterdon County pays approximately $7,999 as real estate taxes on an annual basis. This, of course, was the median amount and it is quite possible that some residents are paying much higher in reality.
However, real estate taxes are no better in New York. In Nassau County, Long Island, residents pay an average of $7,706 annual as real estate taxes while residents of Westchester County pay an average of $7,626 annually.
In fact, research has shown that residents of New York and New Jersey can expect to pay up to $6,500 more annually on real estate taxes than the national average. The reason behind this very simple -- homes in this area are considered to be among the most expensive in the country and in addition, the tax rate is high.
When compared to California, where property prices are among the highest in the country, residents pay less real estate taxes because the tax rate is nearly one third of what is levied in Hunterdon County. On the other hand, real estate taxes in Midwest and South are at par with Hunterdon County, but the homes are priced at half the value making the real estate taxes quite less in comparison.
It is believed that many home assessments were done during the real estate bubble and homeowners are still paying real estate taxes based on that. However, now the real estate bubble has burst but the assessment has not kept pace with the decrease of home prices.
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