The Tax Foundation says property taxes are an important tool to help finance state & local government. Interestingly, they point out that property taxes accounted for 72.1% of local tax collections nationwide and 31.9% of total U.S. state and local tax collections – which they say is a greater portion than any other source of tax revenue. It is also worth noting that the median property taxes vary widely among the U.S. 50 states. Indeed…
“Because property taxes are assessed as a percentage of home values, it follows that higher property taxes are paid in places with higher housing prices.”
Click here to read the full report at the Tax Foundation.
