Asheville Reporter

Asheville Reporter

Saturday, March 28, 2020

North Carolina settles in the top half of WalletHub list for the lowest property taxes in the US

Taxes

By Tabitha Peterson | Mar 4, 2020

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North Carolina ranks 21st for property taxes | https://pixabay.com/photos/money-home-coin-investment-2724245/

WalletHub, a personal finance website, reports that North Carolina ranks in the top half of the U.S. for the lowest property taxes.

Coming in at 21st on the list for the lowest property taxes in the U.S., North Carolina is one of the states that residents are flocking to buy a home. In 2018, a $204,900 home in North Carolina had an average property tax of $1,741.

The U.S. Census Bureau's data was compared with all 50 states by WalletHub to decide different property tax rankings for each state. The median real estate was divided by a home's price within each state to give off a practical tax rate for real estate. The results were used to determine how much real estate tax was paid on a home that was roughly $204,900 in total property value. This price is the 2018 estimated median value for a home in the U.S., according to the U.S Census Bureau.

"When lawmakers and the media look at taxes, the focus is too much on the income tax, and property taxes are ignored, "Mitchell Franklin, the director of the Department of Accounting at Le Moyne College's Madden School of Business, told The Center Square. "Even with lower income tax rates, property taxes in many areas are so high that there is still a disincentive to expand and stay in certain parts of the country."

The U.S. Census Bureau reported that the state with the lowest property tax is Hawaii, followed by Alabama, Colorado, Louisiana and the District of Columbia. The state with the highest property tax is New Jersey. The taxes for a home in New Jersey at the $204,900 price would run a homeowner roughly $5,064 per year. Behind New Jersey are Illinois, New Hampshire, Connecticut and Wisconsin.

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