Property Taxes in the U.S.

SOURCE www.newsweek.com
High property taxes are a significant expense for homeowners in the U.S. as mortgage rates remain around 7%. Property tax rates vary by state and county, with some states having higher rates than others.

Key Points

  • Property tax rates vary by state and county
  • Rates can be reassessed annually or every few years
  • Homebuyers need to consider property taxes along with mortgage rates and home prices

Pros

  • Property taxes help fund local services like schools, streets, and police and fire protection.

Cons

  • High property tax rates can add to the financial burden of homeowners, especially in states with higher rates.