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Massachusetts, Rhode Island vehicle, real estate property tax rankings released
According to WalletHub, it may not come as a surprise that the state of Massachusetts did not rate favorably in property tax rankings.
According to WalletHub, it may not come as a surprise that the state of Massachusetts did not rate favorably in property tax rankings.
Massachusetts ranked 34th in the country for real estate taxes and 44th in vehicle property tax.
The average American household spends $2,197 on property taxes for their homes each year, according to the U.S. Census Bureau. The median tax value on a home in Massachusetts, however, is $4,132. Home prices in the state are higher then almost every state across the country which factors into some of the tax figure. The 1.21% effective rate, however, ranked 34th.
The average annual vehicle property tax in the country is $436. The rate in Massachusetts is $540. Only 27 states have a vehicle property tax.
Rhode Island faired worse as they rank dead last in vehicle property tax at $1,144 and 41st in real estate tax with a 1.65% effective rate .
WalletHub ranking methodology: In order to determine the states with the highest and lowest property taxes, WalletHub compared the 50 states and the District of Columbia by using U.S. Census Bureau data to determine real-estate property tax rates and applying assumptions based on national auto-sales data to determine vehicle property tax rates.
For real-estate property tax rates, they divided the “median real-estate tax payment” by the “median home price” in each state. They then used the resulting rates to obtain the dollar amount paid as real-estate tax on a house worth $184,700, the median value for a home in the U.S. as of 2016 according to the Census Bureau.
For vehicle property tax rates, they examined data for cities and counties making up at least 50 percent of a given state’s population and extrapolated this to the state level using weighted averages based on population size. For each state, they assumed all residents own the same vehicle: a Toyota Camry LE four-door sedan — 2017’s highest-selling car — valued at $24,000, as of February 2018.
To see the full ranking listing, follow the following link. WalletHub Property Tax Rankings
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