April 9, 2007

Property Taxes in Your State

Property Taxes in Your State

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Just as the housing boom has worn thin, property taxes are catching up with the one-third rise in the median value of all homes since 2000.

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Property taxes — the principal source of revenue for cities, counties and school districts — are calculated by multiplying the nominal property-tax rate by the assessment ratio (the percentage of the value of the property that is taxed) by the value of the property. A USA Today analysis in 2006 said property taxes now consume a greater share of income (3.4%) than at any time since 1992.

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Facing rebellious homeowners, at least 10 states cut property taxes in 2006, often counting on additional income and sales taxes to make up the difference.

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The figures in this table, put together by the nonprofit Tax Foundation, are for property taxes paid by households on owner-occupied housing. As a result, they exclude property taxes paid by businesses, renters and others.

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If you have any questions/concerns relating to the article you may contact us or leave us your comment below.

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