<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1n90bh_0vaoLsD100" alt="https://img.particlenews.com/image.php?url=1n90bh_0vaoLsD100" width="640" height="640" >Your article was successfully shared with the contacts you provided.Property taxes accounted for 30% of total state and local tax collections in the United States in fiscal year 2021, the Tax Foundation recently reported. These taxes are local governments’ primary tool for funding a variety of services associated with residency and property ownership. In fiscal 2021, they represented 72.5% of local tax collections. Property taxes tend to be imposed at the local level, although state law typically establishes their basic framework, according to the report. Some governments impose a millage on the fair market value of the property, while others impose it on a percentage of the market value. Although values are often determined by comparable sales, jurisdictions also differ in how they calculate assessed values. The Tax Foundation noted that several states with high property taxes rely heavily on these revenues in lieu of other major tax categories. Other states with high property taxes impose them alongside other high taxes.According to the report, the dollar value of property tax bills often fluctuates with housing prices, which can make it difficult to use this measure for comparisons between states. However, one way to make a comparison is to look at effective tax rates on owner-occupied housing — the average amount of residential property taxes actually paid, expressed as a percentage of home value. It is worth noting that property values can vary widely by state, leaving some residents with higher tax bills despite lower rates. See the accompanying gallery for the 12 states with the lowest property tax rates in 2022 (the most recent data available).</div></body>

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12 States With the Lowest Property Tax Rates: 2024

Your article was successfully shared with the contacts you provided. Property taxes accounted for 30% of total state and local tax collections in the United States in fiscal year 2021, the Tax Foundation recently reported. These taxes are local governments’ primary tool for funding a variety of services associated with residency and property ownership. In fiscal 2021, they represented 72.5% of local tax collections.