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Florida is not included in the top/bottom states. But does feel very high to me.
Best and Worst States: Based on data from the 2002 census, the following five states have the lowest local property taxes per capita/year. They are Arkansas ($191), Alabama ($285), Kentucky ($376), New Mexico ($380), and Oklahoma ($425). The states with the highest local property taxes per capita/year are: New Jersey ($1,871), Connecticut ($1,733), New York ($1,402), and Rhode Island ($1,369).
Property Taxes
Taxes on land and the buildings on it are the biggest source of revenue for local governments. They are not imposed by states but by the tens of thousands of cities, townships, counties, school districts and other assessing jurisdictions.
The state's role is to specify the maximum rate on the market value of the property, or a percentage of it, as the legal standard for the local assessors to follow. The local assessor determines the value to be taxed. You can't escape property taxes in any state. But you can find significantly low rates in certain parts of the country.
Most states give residents over a certain age a break on their property taxes. With some taxes, you'll need a relatively low income to qualify. Forty states provide either property tax credits or homestead exemptions that limit the value of assessed property subject to tax.
There may be other tax breaks available, depending on where you live. All 50 states offer some type of property tax relief program, such as freezes that will lock in the assessed value of your property once you reach a certain age, or deferral of taxes until the homeowner moves or dies. They ultimately have to be paid. In addition, counties and municipalities often have their own property tax relief plans.
Retirees with low incomes and high housing costs may face property tax bills that are higher than they can manage. Some states target property tax relief to those homeowners bearing the greatest burden. Property tax reform that takes into account a homeowner's ability to pay, such as a so-called "property tax circuit breaker," can better protect low-income homeowners from rising property taxes that accompany rising property values. Targeted property tax relief avoids sharp reductions in funding for locally provided public services and inequities based solely on date of purchase.
* A property tax circuit breaker prevents property taxes from "overloading" a taxpayer. Under a typical circuit breaker, the state sets a maximum percentage of income that an eligible family can be expected to pay in property taxes. If property taxes exceed this limit, the state then provides a rebate or credit to the taxpayer.
* Currently, of the 31 states and the District of Columbia with circuit breakers for homeowners, only six and the District of Columbia permit all households to participate in the program without regard to age.
Other property tax relief strategies that may be used to target property tax relief include homestead exemptions which exempt a certain amount of a home's value from taxation, credits to rebate a certain percentage of taxes paid, and deferral programs to allow low-income elderly homeowners to defer payment of property taxes until property is sold.
It feels high to you because it IS high. The rate of inflation is much higher than what is being "reported" in the press.
The dollar is finding fewer and fewer willing customers around the world and you and I are paying for it.
However as far as total costs are concerned, yes, Fla is still a good deal expecially considering the lifestyle in comparison with NJ, CA etc. Not such a good deal in comparison to Arkanasas. Heheh
AL, WV, OH, etc., are they *really* good deals? The schools, roads and public infrastructure are in poor condition. I'd say it's a better idea to look for value for your tax dollars, not the overall rate.
As a comparison, MN has a considerably higher tax rate than AL, but for your taxes MN gives you much better schools, roads, etc. The trick is to find a tax rate that you can manage, then look for the state that gives you the most for that money.
Ohio, along with Michigan, is in the Pothole Belt. Frequent freezings/thawings and widely variable temps buckle the pavement, and the snow plows tear it up some more. And OH property tax millage rates are less then Florida's, but they have a state and city income tax in Ohio to make up for it. Folks up there tell me this ain't peanuts, as it can be 6-8% of your income.
Last edited by Yac; 10-29-2006 at 11:56 AM..
Reason: quote fixed
Whoo-hoo! Never a dull moment in NJ!
It's important to look at ALL costs of living in any given location, including costs such as sales tax, medical costs, taxes on property such as swimming pools, autos, etc (NJ does not have that, but I understand other states do).
It's alot to keep up with, but no one wants a nasty surprise after finding 'home sweet home.' I have running lists of this kind of research - lots of future calculations to do!
Ohio, along with Michigan, is in the Pothole Belt. Frequent freezings/thawings and widely variable temps buckle the pavement, and the snow plows tear it up some more. And OH property tax millage rates are less then Florida's, but they have a state and city income tax in Ohio to make up for it. Folks up there tell me this ain't peanuts, as it can be 6-8% of your income.
Ill just be careful. Yes theres a state tax in OH but its low. Florida even without the state tax is still way, way, way too expensive. I could afford a mobile home in Florida but a nice big house in OH beats a mobile home in FL anyday.
My annual property taxes are over $2K and I live in one of the cheaper houses in the Annapolis, MD area, and certainly one of the cheapest in Crownsville, where there are no apartments or townhomes. Some people in my neighborhood are looking at annual tax bills of $10k+.
Need Affordable Home - if you like Ohio & West Virginia, did you try western MD? Similar home prices. If they build the MARC train out to Cumberland/Allegheny County, you'll see a huge increase in property value as DC commuters inevitably will live there, and Maryland is (generally) considered a much nicer place to live than WV...
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