In order to generate revenue, local government bodies levy a ‘Property Tax’ to property owners.
This tax can be imposed on either real estate or the owner’s personal property. Property taxes are different in each state of the United States of America.
Each state offers different taxable amounts to home owners based on the property value, property location and the ranking made by the Tax Foundation.
Although some citizens will enjoy low property tax amounts but they are charged higher on income tax or tax on consumption.
Below is the list of States that offer the lowest property taxes;
- Taxes based on % of Home Value: 43 %
- Home Property Tax:$53
- Ordinary Home Value: $122,700
- Taxes based on % of Home Value: 55 %
- Home Property Tax: $1,240
- Ordinary Home Value: $226,200
- Taxes based on % of Home Value: 59 %
- Home Property Tax: $60
- Ordinary Home Value: $103,200
- Taxes based on % of Home Value: 61 %
- Home Property Tax: $14,79
- Ordinary Home Value: $240,500
How should a Property Tax be paid?
In order to pay your property tax, you have to calculate the amount per annum or incase of partial payment, calculate for the chosen months.
If you have any queries regarding the complexities of taxes or filing tax forms, Tax Help MD can help you out anytime.
For further details, contact Tax Help MD Tax Professionals.