A new SmartAsset study reveals the cities where homeowners pay the highest property taxes relative to their home value. The analysis found that cities in the Northeast and Midwest tend to have the highest effective property tax rates, with Illinois and New York featuring prominently on the list. The study also highlights the impact of rising home prices on property taxes, noting a 23.6% increase in US median property taxes between 2019 and 2023.
When it comes to purchasing a house, homebuyers need to consider the down payment, mortgage, insurance — and who could forget — property taxes .Although sometimes dubbed a 'hidden cost' of buying a home, property taxes can hit your wallet hard. Local governments levy property taxes to fund public services such as schools, infrastructure, fire and police protection, and other local services. And depending on where you live, they could make a serious difference in home affordability .
While New York City is infamous for its sky-high cost of living, property taxes in the city are actually in line with the national average of 0.9%. SmartAsset found that Monroe County, located in upstate New York, has one of the highest effective property tax rates in the state, at 2.9%.One Texas city also made the list.
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