Property taxes vary significantly across the U.S., but the lowest rates can generally be found in the South and the West.
As mortgage rates still linger around the 7 percent mark and home prices remain relatively high amidst a historic lack of inventory in the U.S., property taxes are a significant expense that homeowners must take into account when facing the growing cost of housing.Property tax rates, which are calculated based on the state's or municipality's tax rate and a homeowner's property's value, vary dramatically across states, as they do across counties.
was $439,716, up 5.1 percent compared to a year earlier.The location of your home can make a huge difference. Here's a map with the most expensive and cheapest property tax rates in the country, by state.The states with the highest property tax rates last year were Illinois , New Jersey , Connecticut , New York and Nebraska . Those with the lowest property tax rates were Hawaii , Arizona , Alabama , Delaware and Tennessee .
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