According to the Tax Foundation, property taxes comprise the largest source of state and local tax collections at 31.3 percent in the fiscal year 2013. The Foundation provides County-level data about median property tax payments across the United States.
As a percentage of the home price, property taxes do not go over 4.2% in the period between 2007 and 2011. The northeast has predominantly hirer property taxes than the Western United States.
A report published in April 2018 by the Lincoln Institute of Land Policy and the Minnesota Center for Fiscal Excellence conducts a State-by-State inventory of property taxes. The report calculates the effective property tax rate as a percent of a property’s market value.
The report identifies several factors associated with higher tax rates, including high property tax reliance, low property values, or a combination of both. Subsequently, low property tax rates can occur due to low property tax reliance, high homes values, or classification that shifts taxes to business.
The report also looks at the ratio of the effective tax rate on commercial and apartment properties to the rate on homestead properties. States such as New York have a high apartment vs. homestead ratio while states such as Boston have a high commercial vs. homestead ratio.
Local taxes, and property taxes especially, vary widely across municipalities.