How Much Will You Pay This Year?
No one likes paying taxes, but they are a necessary evil. Unless you’re lucky enough to live in a state with no income tax, you will have to pay property taxes. How much you pay varies depending on your location. We will break down the local property tax rates for each state in the U.S. We will also provide a link to an online calculator where you can find out how much you will owe this year. If you are in pursue of buying a home, visit Sobha Town Park.
The first thing you need to know is that property taxes are usually calculated as a percentage of your home’s value. So, if your home is worth $100,000 and your tax rate is 0.01%, you will owe $100 in property taxes. The average effective property tax rate in the United States is 0.72%. This means that the owner of a home worth $200,000 would pay an average of $1440 in property taxes each year.
The second thing to understand about local property tax rates is that they vary widely from state to state. For example, Texas has an effective property tax rate of just 0.48%. This means that the owner of a $200,000 home in Texas would only owe $960 in property taxes each year. On the other hand, New Jersey has an effective property tax rate of nearly two percent. This means that the owner of a $200,000 home in New Jersey would owe $4000 in property taxes each year.
To see how your state stacks up, check out this list of the states with the highest and lowest property taxes. If you want to know exactly how much you will owe this year, there are many online calculators that can help you figure it out. Just enter your state, county, and city name into the search bar and select your home’s value from the drop-down menu. The calculator will do the rest!