Novice question about property tax

[TStoneMBD]

Sorry for the novice, non stock market question.

I have done some research on google about property taxes but the results are still very confusing. It seems that there isn't a website that tells you the property tax percentage of each state and it's very hard to find a website that even tells you the property tax of a specific state.

It seems that property tax is generally in the area of 3%. I thought it was 3% of 100% home value but it seems more like 3% of 50% of the home value.

Do property taxes adjust according to a sliding scale? If not, to own a $1,000,000 home means that you would be forced to pay anywhere between $15,000 and $30,000 property taxes each year?? How is anybody affording to live in these million dollar houses?

Could someone direct me to a source that fully explains property tax along with each state/county's percentage. Any other information is very much appreciated as well.

[DalaiLama]

Property taxes vary by state. States that have no income tax rely heavily upon property tax to finance jurisdictions. For example, Texas has property taxes in the 2.5 to 3% range which is applied to 100% of fair market value. Other states like Lousiana take a % of the market value depending on the property type and then apply a levy rate of say 11%. Effectively lousiana has a property tax of about 1%. What state are you looking into? Some states like MS and OK are very lax on property valuation and property taxes in general. Give me an example and I'll help.

[DalaiLama]

A 1 million dollar home in Dallas County would have a property tax liability of around 25,000 to 30,000 per year depending on location.

www.dallascad.org

The links on this page have most of the major appraisal districts in the state.

[Uglyowl]

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that tells you the property tax percentage of each state and it's very hard to find a website that even tells you the property tax of a specific state.


[/ QUOTE ]

Property taxes are generally at the town level. Search for the town which you are interested in for the tax rate.

[KKrAAAzy88s]

property value is also based on the tax assessors assessed value of the property. typically this would be the purchase price of the property. so for some folks who purchased their property quite some time ago, they may have very low property taxes compared to their next door neighbor who just bought in. I think also if you live in a newer development your taxes are sometimes higher due to the extra costs of putting in new streets, lights, etc.

I live in LA county and I pay about 1.25%. I'm not sure how they calculate the yearly increases though....

[KaneKungFu123]

God Bless America, the greatest country on earth!