If you believe your property taxes are far too high, a recent study by WalletHub.com has data to back you up. However it also reveals that taxpayers in other states would gladly trade tax bills with you.
Property taxes excessive? They may be worse
In accordance with the online financial services website, Florida ranks right in the middle of the pack in “effective real property tax rate” – 26th out of the 50 states and the District of Columbia.
Residents of Hawaii enjoy the lowest rate, while residents of New Jersey have the highest.
The “effective” tax rate, the study says, reflects the dollar amount of taxes on a house worth $193,500, the median value for a home in the U.S. as of 2017, the most recent year available, according to the Census Bureau.
Florida’s tax rate of 0.98 percent would result in a bill for $1,897 on a home with that value.
A property owner in Hawaii would receive a bill for only $525 while someone in New Jersey would pay nine times more – $4,725.
The owner of a median-price Florida home – $178,700 – would pay $1,752 in taxes. Needlessly to say, the bill for a median price home in Hawaii will probably be less – $1,529.
But the median home price in Hawaii is $563,900, more than three times the price in Florida.
The median home price in New Jersey is $321,100, a little less than twice Florida’s median. The tax bill of $7,840 is more than four times higher, however.
California, commonly considered a high-tax state, actually features a lower effective tax rate than Florida – 0.77 percent.
Illinois has basically the same median home value as Florida however a significally higher effective tax rate, which translates into a $4,157 property tax bill.
Of the 25 states that possess a lower median home price than Florida, 11 contain a higher effective tax rate and, therefore, higher tax bills. They include Ohio and Michigan, in addition to Texas, Kansas and Pennsylvania.
Florida ranked No. 1 in motor vehicle property tax rate since there isn’t one. However it was tied with the other 23 states that do not have one either.
Of the states that actually have a vehicle property tax rate, Louisiana’s is the lowest – 0.10% – and Rhode Island’s is the highest. The annual tax on a $24,000 vehicle there is $1,070.
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