How do property taxes vary by state, and how can I compare them?
How do property taxes vary by state, and how can I compare them?
Property taxes vary significantly across states, influenced by local government budgets, property values, and tax rates. States like New Jersey and Illinois often have higher property taxes, while states like Hawaii and Alabama boast lower rates. To compare them, start by reviewing each state's average effective property tax rate, typically expressed as a percentage of the home's value. Online tools and tax calculators can provide precise estimates based on location. Be sure to account for exemptions or rebates, which can reduce your tax burden depending on your circumstances, such as age or veteran status.