Question by Onica: If every state in the US has property taxes, then what few states have the lowest property taxes and why?
I’d like to experiment with Green Living, which means working hard and having little or no bills. So I guess what I’m really looking for is the one state in the US with a very small property tax. While we’re on the subject, what exactly is a property tax and how is it figured? Thanks.
Best answer:
Answer by PepsiLime
The state doesn’t set property taxes, it’s established by each town/city/county. Property taxes are based on the assessed value of your property. How property taxes are set is that a town/city/county establishes a budget for estimated expenses, and also estimated income other than from property taxes. With the income (other than from property taxes) and expenses, the town/city/county knows how much it has to raise from property taxes to have a balanced budget. They figure out the total value of all properties in the town/city/county and divide that into how much they need to come up with a tax rate per thousand. They then come up with your bill by multiplying the tax rate by the assessed value of your property. By having each town/city/county in a state set it’s own property taxes, there is no way to determine which state has the lowest property tax. One town/city in a state could have the lowest property tax rate in the US, while another city/town in the same state could have the highest property tax rate. Just to let you know Rowe, MA has a very low property tax rate.
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Tags:every, Green, Living, lowest, property, state, States, taxes
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