10 States With The Absolute Highest Property Taxes
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10 States With The Absolute Highest Property Taxes
"Property taxes are one of the largest ongoing costs of owning a home in the United States. In 2022, they made up 27% of all state and local tax collections nationwide, according to the Tax Foundation. That was more than any other type of tax and accounted for over 70% of all local tax revenue. Unlike income or sales taxes, which are often collected at the state level, property taxes are almost always set and collected locally."
"Unlike income or sales taxes, which are often collected at the state level, property taxes are almost always set and collected locally. Counties, cities, and school districts rely on them to fund essential services such as public schools, police and fire departments, emergency medical services, road repairs, libraries, and parks. In short, although property taxes add to the costs of owning property, they help keep communities running."
Property taxes constitute a major portion of state and local tax collections and are the largest single tax category, accounting for 27% of collections in 2022 and over 70% of local tax revenue. Local governments—counties, cities, and school districts—set and collect property taxes to fund public schools, police, fire departments, emergency medical services, road repairs, libraries, and parks. Property tax bills vary widely across and within states because they depend on assessed property value and the local tax (mill) rate. The effective homeowner rate can be calculated by dividing the median property tax bill by median home value; Wisconsin's effective rate is 1.25%.
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