How do property taxes vary across different regions in the US?
Property taxes are a major source of revenue for local governments in the United States. The amount of property tax paid by a homeowner can vary widely depending on the state, county, and city they live in, as well as the value of their property.
At the state level, property tax rates range from less than 1% to over 2% of the assessed property value. Homeowners in states like Hawaii, Alabama, and Louisiana pay the lowest property tax rates, while homeowners in states like New Jersey, Illinois, and Texas pay the highest rates.
Within states, property tax rates can vary widely depending on the county and city. In some states, such as California and New York, local governments are allowed to set their own property tax rates, resulting in significant differences in rates between neighboring cities. For example, in California, property tax rates can range from less than 1% to over 2.5% depending on the city.
It's important to note that property tax rates are not the only factor that determines the amount of property tax a homeowner pays. The assessed value of the property, which is determined by the local government, is also a major factor. Homeowners can appeal the assessed value of their property if they believe it is too high, which can result in a lower property tax bill.
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