My Tax Is Bigger Than Your Tax…

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May 5, 2016 by Jeff Lowen

Planning a move? Curious about where your state lies on the table amidst the 49 others in terms of property tax? See figure 1. And the winner is…

4_28_core_logic

Source: “Comparing the Real Cost of Owning Property Across the United States

With the median across the nation at 1.31% Where are you? Besides, what does more than twenty six hundred bucks for every $200,000 of house buy you these days?

Of course, depending on your state, when you pay your property tax bill, the money you are spending goes to a number of important programs. Road construction and maintenance and local government staff salaries within the community are all things that are paid for with your tax dollars. Any municipal employees, such as police, fire fighters, and the local public works department are also paid through your property taxes.

Your property taxes help to pay for much of the organized recreation in your area, including park or any other recreation areas that are constructed and maintained within your community. That is, if you don’t have a homeowners’ association that takes care of it (Of which you cannot deduct of your tax return). Any of the public lands in your community that aren’t owned or funded by the state are generally paid for by the property taxes in your area as well. Traffic and street lights, sidewalks, recreational trails and public transportation are all paid for through local property tax percentages that your local government collects each year.

Want to know more? Research your state taxation department. For example, Virginia tries to be somewhat transparent. They have their tax budget check register online so you can see where the money goes. Interesting to look at, but personally, I like to concentrate on my own! 😉

And don’t forget you can challenge your appraisal when it gets mailed to you after the first of the year. Which of course, directly affects your tax bill. There are guidelines and restrictions on when and how, but if you need help, just reach out to me.

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