Property Taxes The Highs And Lows

Dated: 03/09/2018

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Property Taxes: The Highs and Lows

Posted on  Mar 5 2018 - 2:37pm  by  Suzanne De Vita

Assorted expenses factor into homeownership. Beyond the monthly mortgage payment, homeowners are on the hook for maintenance, insurance and property taxes—and, in some cases, fees for the HOA or other services.

For many, the major obligation is property taxes. According to recently released research by WalletHub, the expense is highest in New Jersey, Connecticut, New Hampshire, New York and Rhode Island, and lowest in Alabama, West Virginia, Arkansas, Louisiana and South Carolina. For a home with a median price tag, the taxes* total:

Alabama – $550

Alaska – $3,048

Arizona – $1,367

Arkansas – $721

California – $3,237

Colorado – $1,516

Connecticut – $5,443

Delaware – $1,274

District of Columbia – $2,811

Florida – $1,702

Georgia – $1,413

Hawaii – $1,459

Idaho – $1,276

Illinois – $4,058

Indiana – $1,100

Iowa – $1,986

Kansas – $1,890

Kentucky – $1,078

Louisiana – $750

Maine – $2,329

Maryland – $3,191

Massachusetts – $4,132

Michigan – $2,185

Minnesota – $2,234

Mississippi – $841

Missouri – $1,408

Montana – $1,698

Nebraska – $2,506

Nevada – $1,478

New Hampshire – $5,241

New Jersey – $7,601

New Mexico – $1,232

New York – $4,738

North Carolina – $1,345

North Dakota – $1,729

Ohio – $2,064

Oklahoma – $1,076

Oregon – $2,637

Pennsylvania – $2,603

Rhode Island – $3,929

South Carolina – $821

South Dakota – $1,943

Tennessee – $1,088

Texas – $2,654

Utah – $1,508

Vermont – $3,893

Virginia – $1,973

Washington – $2,860

West Virginia – $629

Wisconsin – $3,257

Wyoming – $1,223



*Analysts assessed the effective real estate tax rate and median value.

Homeowners: Keep in mind that property taxes vary, and, occasionally, an assessment can be inaccurate.

"Sometimes errors are made in how local governments calculate the amount of tax a homeowner owes," explains James L. Murrett, president of the Appraisal Institute, an appraiser association. "It's possible for assessments to be based on flawed information, such as incorrect square footage or number of bedrooms or bathrooms or even location."

If an appeal is necessary, homeowners should consult their assessor's office and gather as much information as possible, Murrett recommends. An appraiser with experience in the local market can also be valuable, as well an attorney, REALTOR® and/or tax professional.

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