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Assessing property taxes across the U.S.

On Behalf of | Aug 18, 2015 | Property Taxes

There may be homeowners or investors living in Georgia who can benefit from understanding more about which states have the highest property taxes. The Tax Foundation recently analyzed property taxes rates across the country, and helped provide some perspective on the differences from state to state. The effective property tax rate of 2.38 percent in New Jersey is the highest in the country. The 2.32 percent rate in Illinois and the 2.15 percent rate in New Hampshire are the other highest property tax rates in the country.

Georgia was not one of the 10 states with the highest property tax rates in the country. Georgia’s 0.95 percent property tax rate ranked 27th in the country. The rates vary from state to state, depending on the complex calculations used in the property valuation, and the particular entity setting the policies or parameters for the rates. Besides states, cities and counties, some of the other parties with the authority to define property rates are utility commissions, the fire department and the local school board.

In order to perform a widespread evaluation across the United States, the Tax Foundation analyzed the owner-occupied housing’s effective tax rates. This effective rate may be described as a percentage of home value that represents the average amount of residential property tax that was paid. Renters, businesses and other parties were excluded from the calculations in order to provide a more accurate depiction on which states imposed the highest property tax rate onto homeowners.

Anyone who needs help with tax assessments may benefit from consulting legal counsel. A tax lawyer may be able to review the particulars of the homeowner’s circumstances and help find some relief from property taxes or similar liabilities.