The Tax Foundation says that since property taxes are tied to housing values, it makes sense that the actual dollar amounts of property taxes tend to be higher in places with higher housing prices. They recently put together a new map for 2021 that focuses on states’ effective tax rates on owner-occupied housing.
“Governments tax real property in a variety of ways: some impose a rate or a millage—the amount of tax per thousand dollars of value—on the fair market value of the property, while others impose it on some percentage (the assessment ratio) of the market value. While values are often determined by comparable sales, jurisdictions also vary in how they calculate assessed values…”
Click here to read the full report at the Tax Foundation.
