econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 15 May 2016

Comparing The Real Cost Of Owning Property Across The United States

from CoreLogic

-- this post authored by Dominique Lalisse

The accurate estimation of the amount of property taxes in any given area throughout the country is a challenging task due to the complexity and heterogeneity of property taxation in the United States. The total amount can include property taxes paid to multiple agencies with varying formulae, including both fixed and variable components.

To provide a meaningful comparison of property tax rates among states, all existing levels of collection need to be considered. In New York for example, one might pay taxes to a county, a village and a school district; whereas in Florida, one might only pay county taxes.

Using its comprehensive data on property values and tax rates at the local level, CoreLogic has calculated the median overall property tax rates nationally and by state. Taking into consideration all taxing and collection entities, the analysis provides a complete state-level picture of the "cost of owning real property." The rate differences among states do not directly translate into cost-of-living differences since the actual amounts paid are also a function of property values, but they do reflect the annual cost of owning a set amount of real property and, as such, provide an accurate comparison.

Median Property Tax Rates

According to CoreLogic data, the average median property tax rate across the nation is 1.31 percent, which means a homeowner with a home valued at $200,000 will, on average, pay annual total property taxes of $2,620. Illinois has the highest median property tax rate at 2.67 percent, and Hawaii has the lowest median property tax rate at 0.31 percent. Figure 1 provides the median property tax rates for all states and the District of Columbia.

While higher median tax rates are seen primarily among states in the northeast, a notable exception is Texas, which has a median property tax rate of 2.17 percent. Typically, the states with the highest property tax rates, with the exception of Illinois, have multiple levels of tax collection. Conversely, the majority of states with low median tax rates have a single level of collection at the county level. Other than Hawaii, the lowest median property tax rates are primarily in the Rocky Mountain region and southeastern states.

Figure 2 shows the distribution of states by median property tax categories indicating that:

  • 16 states, or 31 percent of the U.S., have a median property tax rate of less than 1 percent

  • 28 states, or 55 percent of the U.S., have a median property tax rate of between 1 and 2 percent

  • 7 states, or 14 percent of the U.S., have a median property tax rate of more than 2 percent

Given the many differences in taxing agencies in various communities, it's important to analyze specifics at the local level in order to truly compare apples to apples.

Dingxi Qiu contributed to this analysis.

​© 2016 CoreLogic, Inc. All rights reserved.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Contributors


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Was Marx Right?
Angst in America, Part 5: The Crisis We Can’t Muddle Through
News Blog
Citizen Scientists Discover New Type Of Aurora
A Drop In The Bucket
What We Read Today 30 April 2017
Voice Recognition Elevator In Scotland
May 2017 Economic Forecast: Return to Normal Growth
Guanxi: How Business Is Done In China
Measuring Interest Rate Risk In The Very Long Term
2016 Small Business Credit Survey: A Significant Majority Relied On Personal Finances
How Economic Changes Affect Congressional Budget Office's Budget Projections
Three Public Relations Blunders And How Your Company Can Learn From Them
Infographic Of The Day: Cheat Sheet: NAFTA's Mixed Track Record Since 1994
Early Headlines: Trump Blames Dems And Constitution For Chaos, US Child Poverty, Winter Leaves North New England, Labour Gains In Polls, And More
Grading President Trump's First 100 Days: B!
Investing Blog
Market Update 29 April 2017
Technical Thoughts: Finding Contrarian Ideas
Opinion Blog
Investors: Super Size Me
How Our Addiction To Safety Could Lead To Another Financial Crisis
Precious Metals Blog
A New Age For Gold
Live Markets
28Apr2017 Market Close: Wall Street Closed Mostly Down On News The U.S. Economy Grew At Its Weakest Pace In Three Years, WTI Crude Settles In The Low 49 Handle
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government































 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved