Monday, October 17, 2016

How Do Your State Property Taxes Stack Up?

Did you know that property tax amounts vary greatly from state to state? That’s right! While you may be paying one amount in property taxes, friends in another state may be paying much less (or much more)!

Right now, the state with the highest property taxes of all is New Jersey, while Hawaii has the honor of having the lowest property taxes.

No matter where people live and what their property tax rates, however, the fact remains that a great many people, all across the nation, aren’t able to pay their property taxes or to pay them in full. In fact, the National Tax Lien Association reports that around $11.8 billion in property taxes go unpaid each year.

Your chances of being in the “unpaid group” are greatly reduced if you live in one of the following states with the lowest property taxes:
·         Alabama
·         Hawaii
·         Louisiana                                                                               

·         Delaware
·         D.C.
·         South Carolina
·         West Virginia
·         Arkansas
·         Colorado
·         Wyoming

If you’re not fortunate enough to live in one of those states, hopefully you’re not in any of the following states that have super high property taxes:
·         New Jersey
·         New Hampshire
·         Illinois  :(
·         Texas
·         Wisconsin
·         Nebraska
·         Connecticut
·         Vermont
·         Michigan
·         Rhode Island


No matter where you live, you should talk to your accountant about ways to potentially reduce your taxes in general so that, hopefully, none of your required tax payments will end up hitting you too hard!

1 comment:

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