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| *Loan,banking and credit>>>property tax |
If every state in the US has property taxes, then what few states have the lowest property taxes and why? |
I'd like to experiment with Green Living, which means working hard and having little or no bills. So I guess what I'm really looking for is the one state in the US with a very small property tax. While we're on the subject, what exactly is a property tax and how is it figured? Thanks. It's based more on city and county, not state. To my knowledge, no state has a property tax. I have a very low property tax, but just up the road, my property tax would be 4 times as high (different county). My city doesn't have a property tax, so I only pay property tax to the county. However, one day we will probably have a city property tax. In my previous house, my county tax was about $750, and city was around $350. If I had lived just across the street (my street was the city limits), then I would not have had to pay the city property tax and would have saved $350/year (and probably still had the same services, but I wont' get started on that topic). Property tax is calculated different for each county and city. Here, they assess your property, divide that by 4 to find out the value of the land itself and then charge you anywhere from $1-$5 per $100. Go to the blackbelt of Alabama if you want cheap property tax, but don't expect much in return for it, either. $350/year on a $350,000 house. Here that would run you about $1800 and in the next county over, probably about $5400. In some ares of NJ or CA, I imagine it would be well over $10,000/year. The state doesn't set property taxes, it's established by each town/city/county. Property taxes are based on the assessed value of your property. How property taxes are set is that a town/city/county establishes a budget for estimated expenses, and also estimated income other than from property taxes. With the income (other than from property taxes) and expenses, the town/city/county knows how much it has to raise from property taxes to have a balanced budget. They figure out the total value of all properties in the town/city/county and divide that into how much they need to come up with a tax rate per thousand. They then come up with your bill by multiplying the tax rate by the assessed value of your property. By having each town/city/county in a state set it's own property taxes, there is no way to determine which state has the lowest property tax. One town/city in a state could have the lowest property tax rate in the US, while another city/town in the same state could have the highest property tax rate. Just to let you know Rowe, MA has a very low property tax rate. I am pretty sure that Vegas has very little property tax, not 100% though. Why not get a job as a groundskeeper, so you get a place to live but don't own property? The deep South has some of the lowest rates around for property taxes. Also, remember that low property taxes may not equate to high incomes. If you plan to earn more than you spend, you may wish to aim for low-rent districts near high earning districts. http://retirementliving.com/rlpropertyta... As other people have said, each county decides on their property tax rate. Some cities, school districts, and neighborhoods have additional property tax rates for their jurisdictions. The National Association of Home Builders compiled property tax rates for 2000: http://www.nahb.org/generic.aspx?generic... The following counties had the lowest property tax rates per $1,000 in 2000: Assumption Parish, LA: $1.21 Iberville Parish, LA: $1.58 Avoyelles Parish, LA: $1.60 St. Helena Parish, LA: $1.61 Catron County, NM: $1.72 Choctaw County, AL: $1.72 Bibb County, AL: $1.78 Vermillion Parish, LA: $1.83 East Feliciana Parish, LA: $1.89 Richland Parish, LA: $1.90 How does property tax work? Basically, the county assesses the value of your property. Then you divide that assessment by $1,000, and then multiply by the property tax rate to get your property tax bill for the year. http://www.nahb.org/generic.aspx?generic... |
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