Property Taxes: The Highs and LowsBy Suzanne De Vita
Editor's Note: This was originally published on RISMedia's blog, Housecall. See what else is cookin' now at blog.rismedia.com:
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. Suzanne De Vita is RISMedia's online news editor. Email her your real estate news ideas at sdevita@rismedia.com. |
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