April 17, 2007

Property Taxes in Your State

Property Taxes in Your State

�

Just as the housing boom has worn thin, property taxes are catching up with the one-third rise in the median value of all homes since 2000.

�

Property taxes — the principal source of revenue for cities, counties and school districts — are calculated by multiplying the nominal property-tax rate by the assessment ratio (the percentage of the value of the property that is taxed) by the value of the property. A USA Today analysis in 2006 said property taxes now consume a greater share of income (3.4%) than at any time since 1992.

�

Facing rebellious homeowners, at least 10 states cut property taxes in 2006, often counting on additional income and sales taxes to make up the difference.

�

The figures in this table, put together by the nonprofit Tax Foundation, are for property taxes paid by households on owner-occupied housing. As a result, they exclude property taxes paid by businesses, renters and others.

�

If you have any questions/concerns relating to the article you may contact us or leave us your comment below.

�

Remember, Philadelphia real estate is our specialty. If you're looking for real estate anywhere in the Philadelphia, PA area, including: Center City, Art Museum, Bella Vista, Northern Liberties, Old City, Queen Village, Society Hill, South of South, Washington Square West, Chestnut Hill, East Falls, Fishtown, Manayunk, East Mt. Airy, West Mt. Airy, Overbrook Farms, Roxborough, Spruce Hill, University City or one of the many other areas we serve, we'd love to help you find the home of your dreams. If you'd like to search for Philadelphia real estate now, just click the "Search for Philadelphia Real Estate" link at the top or bottom of this page.