How Much Property Tax Do YOU Pay?
Every state has some sort of property tax. Although these taxes are most often associated with real estate, some states also charge taxes for vehicles and other assets. Rates can vary from very low to extremely high, and there are also other types of taxes that can balance property tax rates in a way that the overall impact on citizens is basically the same.
Property taxes provide the revenue the states require to keep running and generate vital services for their residents. School districts are one of the categories that rely significantly on these taxes; the revenue also supports the city financially and also the salaries of its workers — first responders are also included here — as well as sewer, water, and other services.
If you are wondering how low property taxes may go — maybe you are considering relocating, or you’re just curious — this article has all the numbers you’re looking for. Here you’ll find a list of 10 states with the most favorable property taxes.
We’ve also added some other information like each state’s average house value, effective property tax rate, median household income, and annual taxes on a median-valued property — to help you put the tax rates into context.
Can you guess which some of those states are?