A new 50-State Property Tax Comparison Study reveals that cities with the highest property taxes are often those struggling to make ends meet.
For example, Detroit, which has the highest effective tax rate on a median valued home (3.82%), has by far the lowest median home value of the cities covered in the report.
It also shows that owners of apartment buildings can be paying 5 times as much as a typical owner-occupier.
The report also considers the additional burden placed on some homeowners in states which have adopted property tax assessment limits. The study gives Los Angeles as an example, where an average home has been owned for 13 years and the median price is $542,100. The way the tax is assessed means a 39% higher cost for an owner of a newly-purchased home compared to someone who has owned their home for 13 years; despite the value of their home being the same.
READ MORE: http://www.lincolninst.edu/publications/other/50-state-property-tax-comparison-study-1
