property taxes by state
Property Taxes by State
Apart from conventional income tax, that is collected by tax collection agencies, local and regional governments also collect other taxes such as property tax. Here is a brief elaboration of the concept of property taxes by state governments.
State | Property Tax (Average) |
Alabama | $503 |
Alaska | $1,728 |
Arkansas | $549 |
Arizona | $1,119 |
California | $1,465 |
Colorado | $1,277 |
Connecticut | $2,473 |
District of Columbia | $3,035 |
Delaware | $712 |
Florida | $1,589 |
Georgia | $1,092 |
Hawaii | $983 |
Iowa | $1,305 |
Idaho | $813 |
Illinois | $1,777 |
Indiana | $1,124 |
Kansas | $1,353 |
Kentucky | $663 |
Louisiana | $702 |
Massachusetts | $1,873 |
Maryland | $1,205 |
Maine | $1,640 |
Michigan | $1,234 |
Minnesota | $1,210 |
Missouri | $2,625 |
Mississippi | $793 |
Montana | $2,625 |
North Carolina | $867 |
North Dakota | $1,165 |
Nebraska | $2,625 |
New Hampshire | $2,625 |
New Jersey | $2,625 |
New Mexico | $606 |
Nevada | $2,625 |
New York | $2,136 |
Ohio | $1,135 |
Oklahoma | $597 |
Oregon | $1,172 |
Pennsylvania | $2,625 |
Rhode Island | $2,019 |
South Carolina | $970 |
South Dakota | $1,111 |
Tennessee | $748 |
Texas | $1,475 |
Utah | $863 |
Virginia | $1,481 |
Vermont | $2,056 |
Washington | $1,226 |
Wisconsin | $1,633 |
West Virginia | $709 |
Wyoming | $2,285 |
- The actual site value of the building according to original prices and actual market prices.
- Home improvements and upgrade of the house. The upgrade factor is always considered to be an addition to the cost of the property.
- The rate of taxation is a percentage that is prescribed by the state and applied to the value of property, that is evaluated by a tax assessor.
- The total amount of real estate tax that is paid to the state, becomes a valid ground for income tax deduction, according to IRS forms.
- On an average, real estate tax by state is used for public welfare services, by the state government. For example, in the state of Texas, this tax is used to fund public schools.
- The rate of taxation can go as high as 1.74% of the home value (for the state of New Jersey) and can also be as low as 0.14% (state of Louisiana).
- The commercial property tax may have some different terms and conditions for assessments as the property is used solely for the purpose of making profit, by giving it out for rent. The same goes for business property tax, as the property is used for the purpose of business operations. The industrial properties is another story, as it is used for production purposes. Thus, the purpose of the property, is also an important factor, when it is being assessed.
- The property tax changes every year as it is not under federal jurisdiction, and the amount of tax depends on the assessment of your real estate.