Phone / Prefer cell: 520-975-5207 Office: 480-948-5554 or email me walterunger@ccim.net. – What is a CCIM. In Business and in Life you don’t get what you deserve, you get what you Negotiate.
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Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
CONTACT ME IF YOU WANT ME TO GET YOU THE VALUE OF YOUR PROPERTY
Feb 20,2024
Depending on where you live, property taxes can be a small inconvenience or a major burden. The average American household spends $2,869 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 26 states with vehicle property taxes shell out another $448.
Property taxes might appear to be a non-issue for the 35% of people who rent their homes, but that couldn’t be further from the truth. We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.
But which states have the largest property tax load, and what should residents keep in mind when it comes to meeting and minimizing their tax obligations? In search of answers, we analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes.
Real-Estate Property Tax Rates by State
| Rank (1=Lowest) | State | Effective Real-Estate Tax Rate | Annual Taxes on $281.9K Home* | State Median Home Value | Annual Taxes on Home Priced at State Median Value |
| 1 | Hawaii | 0.27% | $757 | $764,800 | $2,054 |
| 2 | Alabama | 0.39% | $1,102 | $179,400 | $701 |
| 3 | Colorado | 0.49% | $1,378 | $465,900 | $2,278 |
| 4 | Nevada | 0.50% | $1,421 | $373,800 | $1,884 |
| 5 | South Carolina | 0.53% | $1,484 | $216,200 | $1,138 |
| 6 | Louisiana | 0.55% | $1,545 | $198,300 | $1,087 |
| 6 | Delaware | 0.55% | $1,546 | $305,200 | $1,674 |
| 6 | Utah | 0.55% | $1,546 | $408,500 | $2,241 |
| 6 | West Virginia | 0.55% | $1,564 | $145,800 | $809 |
| 10 | District of Columbia | 0.56% | $1,582 | $705,000 | $3,957 |
| 10 | Arizona | 0.56% | $1,567 | $321,400 | $1,786 |
| 10 | Idaho | 0.56% | $1,591 | $331,600 | $1,872 |
| 13 | Wyoming | 0.58% | $1,637 | $269,900 | $1,567 |
| 13 | Tennessee | 0.58% | $1,647 | $232,100 | $1,356 |
| 15 | Arkansas | 0.59% | $1,665 | $162,400 | $959 |
| 16 | California | 0.71% | $2,007 | $659,300 | $4,694 |
| 17 | North Carolina | 0.73% | $2,069 | $234,900 | $1,724 |
| 18 | New Mexico | 0.74% | $2,072 | $216,000 | $1,588 |
| 19 | Mississippi | 0.76% | $2,138 | $151,000 | $1,145 |
| 19 | Virginia | 0.76% | $2,150 | $339,800 | $2,591 |
| 21 | Indiana | 0.77% | $2,173 | $183,600 | $1,415 |
| 22 | Montana | 0.79% | $2,231 | $305,700 | $2,419 |
| 23 | Kentucky | 0.80% | $2,258 | $177,000 | $1,418 |
| 24 | Florida | 0.82% | $2,302 | $292,200 | $2,386 |
| 25 | Georgia | 0.83% | $2,348 | $245,900 | $2,048 |
| 26 | Oklahoma | 0.85% | $2,389 | $170,500 | $1,445 |
| 27 | Oregon | 0.86% | $2,421 | $423,100 | $3,633 |
| 28 | Washington | 0.88% | $2,476 | $473,400 | $4,158 |
| 29 | Missouri | 0.91% | $2,562 | $199,400 | $1,812 |
| 30 | North Dakota | 0.99% | $2,781 | $232,500 | $2,294 |
| 31 | Maryland | 1.02% | $2,875 | $380,500 | $3,880 |
| 32 | Minnesota | 1.05% | $2,949 | $286,800 | $3,000 |
| 33 | South Dakota | 1.14% | $3,206 | $219,500 | $2,496 |
| 34 | Massachusetts | 1.15% | $3,253 | $483,900 | $5,584 |
| 35 | Alaska | 1.16% | $3,268 | $318,000 | $3,687 |
| 36 | Maine | 1.17% | $3,288 | $244,800 | $2,855 |
| 37 | Kansas | 1.34% | $3,777 | $189,300 | $2,536 |
| 38 | Michigan | 1.35% | $3,796 | $201,100 | $2,708 |
| 39 | Rhode Island | 1.39% | $3,924 | $343,100 | $4,776 |
| 40 | Pennsylvania | 1.41% | $3,972 | $226,200 | $3,187 |
| 41 | Ohio | 1.43% | $4,026 | $183,300 | $2,618 |
| 42 | Iowa | 1.49% | $4,196 | $181,600 | $2,703 |
| 43 | Nebraska | 1.54% | $4,342 | $205,600 | $3,167 |
| 44 | Wisconsin | 1.59% | $4,471 | $231,400 | $3,670 |
| 45 | Texas | 1.63% | $4,586 | $238,000 | $3,872 |
| 46 | New York | 1.64% | $4,626 | $384,100 | $6,303 |
| 47 | Vermont | 1.78% | $5,028 | $272,400 | $4,859 |
| 48 | New Hampshire | 1.89% | $5,329 | $337,100 | $6,372 |
| 49 | Connecticut | 2.00% | $5,647 | $323,700 | $6,484 |
| 50 | Illinois | 2.11% | $5,960 | $239,100 | $5,055 |
| 51 | New Jersey | 2.33% | $6,563 | $401,400 | $9,345 |
*$281,900 is the median home value in the U.S. as of 2022, the year of the most recent available data.
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
| Best, Diana Polk WalletHub Communications Manager (202) 684-6386 “Some states charge no property taxes at all, while others charge an arm and a leg. Americans who are considering moving and want to maximize the amount of money they take home should take into account property tax rates, in addition to other financial factors like the overall cost of living, when deciding on a city.” – Cassandra Happe, WalletHub Analyst Expert Commentary Should local tax policy be adjusted to rely more or less on property taxes versus other forms of taxation? “Property taxation has been favored historically because of its comparative ease to assess and collect and its relative stability over time. While other forms of taxation can sometimes be evaded (e.g., by purchasing goods elsewhere), real property cannot be moved. Incomes and sales can vary with the economic conditions, but property tax bills are still paid. So, it is a safe, secure, and predictable revenue source that governments value. However, real property does not always generate income in proportion to its value. When government fiscal policies create inflationary pressures, property values tend to increase over time. This can have significant impacts on some demographic groups, particularly those who are retired or those who live in areas that are subject to gentrification. As property taxes increase, these people can be effectively priced out of their ability to stay in their homes. Efforts to provide exemptions or other forms of relief are not always effective in reducing those pressures. Other forms of taxation, including sales taxes, have the advantage of targeting consumption, which will tend to vary with income. Those in lower income brackets consume less, but that consumption may be proportionally greater than that of those in higher incomes, resulting in some regressive effects. Income taxes, particularly those with progressive tendencies, can have negative impacts on productivity. Moreover, income earners are often mobile. They will choose to move to another location if those taxes increase.” Edward A. Morse – Professor and Chair in Business Law, Creighton University School of Law; Senior Affiliated Scholar, Heider College of Business “This issue has several dimensions. First, as property taxes pay for public education, poorer neighborhoods suffer. Second, legislative initiatives in some parts of the country (most famously, Proposition 13 in California) have limited the property taxes available to cities by restricting the ability to assess increased property values. However, property taxes are generally progressive — that is, the more valuable the property, the higher the taxes. Alternatives to property taxes like sales taxes tend to be regressive — falling more heavily on poorer populations. Income taxes, on the other hand, can be structured to be progressive.” Roberta Mann – Professor Emerita, University of Oregon School of Law Should certain groups of people be exempt from property taxes or be taxed at a lower rate? “Many states do provide exemptions or preferential rates to certain groups. However, my personal opinion is that this special treatment is not a good tax policy. Public Choice Theory suggests that advocacy groups may be able to convince lawmakers to grant special treatment even if it is not in the best interest of society overall. Using the tax system to provide benefits is subject to less scrutiny than direct expenditures, making it a preferred tool for these types of provisions. In my opinion, it is better to keep it simple and use other methods to provide assistance or relief if it is in the overall interest to do so.” Jeffrey H. Kahn – Professor and Associate Dean for Business Law Programs, Florida State University “It is common to provide at least a partial exemption to senior citizens, veterans, first responders, and homeowners (homestead exemption). Property tax exemptions reflect a community’s values, and those values may differ from other, even neighboring communities. Allowing individual communities to decide these issues arguably offers the most representation to the property owners that they are taxing.” Valrie Chambers, Ph.D., CPA – Beights Research Fellow; Associate Professor, Stetson University Should more types of property be subject to property taxes? If yes, what types? “Personal property taxation regimes have been tried, but they are problematic for many reasons, including mobility and the reliability of assessment. Costs to verify can be high. We should not favor systems that have high transaction costs, low reliability, or ease of evasion.” Edward A. Morse – Professor and Chair in Business Law, Creighton University School of Law; Senior Affiliated Scholar, Heider College of Business “Property other than real estate can be subject to property taxes, but that tends to be highly unpopular. Virginia has an annual personal property tax based on the value of motor vehicles. A federal luxury tax applied to yachts and airplanes (as well as some other luxury goods) from 1991 to 1993. The tax was repealed after the boat-building industry lost thousands of jobs. Although the tax was designed to raise revenue from wealthy persons purchasing luxury goods, it turned out the luxury tax discouraged purchases of those items, which hurt working-class people who built them.” Roberta Mann – Professor Emerita, University of Oregon School of Law More from WalletHub Corporate Tax Rate ReportPay Taxes with a Credit Card: Pros & ConsWhat to Do if You Can’t Pay Your Taxes |
SEE IT ALL: https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
CONTACT ME IF YOU WANT ME TO GET YOU THE VALUE OF YOUR PROPERTY
FROM ME: FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international
DISCOVER WHAT IS HAPPENING IN ARIZONA
History of Arizona from 900 BC – 2017 -Timeline.
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Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
CONTACT ME IF YOU WANT ME TO GET YOU THE VALUE OF YOUR PROPERTY
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
Click here to find out what is a CCIM:
CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM
Associate Broker
West USA Commercial Division
14350 N. 87th. Street, Suite 180
Scottsdale AZ, 85260
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
14350 N. 87th. Street, Suite 180
Scottsdale AZ, 85260
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY LISTINGS.
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
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Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.