Property taxes are an unfortunate part of life that every property owner has come to live with. As property tax consultants, we help both business owners and homeowners file their property taxes and save money in the process. Your location however, determines how much money you’ll be able to save and at what rate you’ll be taxed. We’re sharing with you where the lowest property tax rates are in the country for 2017.
How Tax Rates are Determined
Before we dive into the actual numbers, it’s important to understand what these tax rates mean. Typically, property owners will pay a percentage of what their property is worth to their local governments. For example, if your property is worth $400,000, you’ll pay a percentage of that amount in taxes each year. The percentage is whatever the tax rate in your state is.
States With the Lowest Property Taxes
Some states are really lucky when it comes to property tax rates. But keep in mind that states with lower rates will make up for the lost revenue in other areas such as income tax or sales tax. The following 5 states have the lowest property taxes:
- Hawaii – 0.27%
- Alabama – 0.43%
- Louisiana – 0.49%
- Delaware – 0.54%
- Washington, D.C. – 0.56%
What Does This Mean for You?
Homeowners and business owners may love these property tax rates, however it’s important to look at the median home value in those areas too. In Hawaii, it’s over $500,000 and in the District of Columbia, it’s about $475,000. You wouldn’t want to pack up your home or business and move to either of these places solely based on the tax rate. Although, many residents can appeal property taxes, it’s better to choose a state like Texas that’s cheaper to live and work in. Our Texas property tax consultants help businesses save money each year on their taxes.
Rely on Your Dallas Property Tax Consultants
No matter where you live, filing your property taxes can be hard! Our tax consulting firm helps homeowners and business owners file their property taxes and looks for ways to save money in the process. Call us today to set up an appointment!