Monday, April 28, 2014

Did you know that property taxes can differ as much as 2,200% ?


Usually property taxes rank as the second largest expense of home ownership surpassed only by the actual mortgage payment. Like most expenses in life there is nothing we can do to change this fact but there is a huge difference in property taxes across the country when they are compared to each other.

The average homeowner in the U.S. spends over $2,800 a year on property taxes but did you know that some areas can be as much as 5 times this national average? As an example, residents of Westchester County, New York  that live in a single family home pay an average yearly tax of almost $15,000 and keep in mind, that’s the average tax liability. Can you imagine owning an upscale home in the same area?

Although Westchester County is expensive the reason is on based on the high property value more than the actual tax rate. The actual highest tax burden in the country belongs to Allegany County, N.Y. where homeowners are subject to a whopping 3.76% home owner’s tax rate compared to a considerably lower average of 2.5% in Westchester County.

If one were to add it all up and figure out a national average the property tax rate for John Q. Public would be about 1.4% the value of the home. Here are the top 5 most expensive and least expensive areas of the country when it comes to property taxes.  I find it amazing that the most expensive area is 3.76% while the least expensive area is only .17%!  That a difference of over 2,200%! How does your area compare?

The Top 5 Highest Property Taxes Based on Home Value
  1. Allegany County, N.Y. (3.76%)
  2. Milwaukee County, Wis. (3.68%)
  3. Kendall County, Ill. (3.57%)
  4. Sullivan County, N.Y. (3.56%)
  5. Orleans County, N.Y. (3.49%)
The Top 5 Lowest Property Taxes Based on Home Value
  1. Caroline County, Va. (0.17%)
  2. Catahoula County, La., and Randolph, Ark. (0.2%)
  3. Iberville County, La., and Cumberland County, Tenn. (0.21%)
  4. Butler County, Pa., and Maui County, Hawaii (0.22%)
  5. Elmore County, Ala., and De Soto County, La. (0.23%)

No comments:

Post a Comment