Maybe think twice about moving to another state and buying a home. That’s because it could be one of the states in which property owners and renters pay a bundle. New Jersey, followed by Illinois, New Hampshire, Vermont and Connecticut, are the five states with the highest property taxes, according to Tax Foundation and WalletHub reports. Yet property taxes are just one part of measuring the tax climate of a state. Others used by tax survey groups include a state’s business climate and the total tax load. That can include many imposts. “Depending on where you live, property taxes can be a small inconvenience or a major burden,” according to a WalletHub survey. “The average American household spends $2,471 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $442.” Where one lives …
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