As one of the certain things in life, you cannot escape paying property taxes, no matter where you go. Every state in the union taxes property owners, but the rates that are charged are often set by individual counties generally based on assessed value rather than market value. Because more than half of the time counties in all states assess home values higher than market values, you can estimate a minimum amount you would pay for property taxes using a county’s tax rate and the average price of homes in the city. That’s useful information to have, as property taxes are one of the elements you need to consider before moving anywhere. If you have your eye on living in the Gem State’s capital, take a look at Boise property tax and how it compares to other major cities.
What is Boise Property Tax?
Idaho is the state with the 14th lowest property taxes in the nation, so you could move almost anywhere and expect to be taxed more on your home than you would in Boise. The tax rate in Ada County is .795 percent so, on a median home price of $188,200, you would get a tax bill of $1,496 each year. However, living in your home makes you eligible for a homeowners exemption. This owner-occupied exclusion exempts 50 percent of the value of your house and as much as one acre of land from the tax. That would reduce your property taxes on an average priced home in Boise to $748 per year, but you must file for the exemption in order to have your taxes reduced.
What is the Property Tax in Salt Lake City?
With the 11th lowest property tax rate in the country, Utah is one of the states that would theoretically carry a lighter tax on your home than Boise would. The tax rate in Salt Lake City is .736 percent, but although that rate is lower than the Ada County rate, you could still end up paying more if you choose to live in Utah’s capital. That’s because the median home price in Utah is $240,600, well above the national average, and more expensive than homes in Boise. That means that the tax on a $240,600 home would be $1,771. Utah does have an exemption program similar to Idaho’s. The Homestead Exemption allows for a $30,000 exclusion on owner-occupied property per owner. That means that a husband and wife who jointly own an average priced home in Salt Lake City could each claim a Homestead Exemption, reducing the taxable amount by $60,000 ($30,000 each), taking their property tax bill down to $1,329.00 annually. Just like in Idaho, you would need to file the proper paperwork to have your taxes reduced.
What are the Taxes on New York Property?
There was a time when New York City was among the five lowest property tax rates in the country, but they are still significantly higher than Boise’s rates. On top of that, median home prices in New York City are almost three times higher than in Boise and the rest of the nation. Based on the 1.925 percent tax rate, an average priced home with a value of $501,500 would have a property tax bill of $9,654 due each year. Additionally, although some exemptions are available, they require more than just living in the home to qualify for. Senior citizens, veterans, low-income homeowners, and people with disabilities are those who may be eligible to have their property taxes reduced.
What are Denver Property Taxes?
At number 10, Colorado just barely makes it as one of the 10 states with the lowest property taxes. The .720 percent tax rate is lower than the rate in the City of Trees but, as with other major cities, Denver’s median home price is higher than Boise’s. Using that price of $246,300, property taxes in Denver would be estimated at $1,773 yearly. You must be a disabled veteran or a senior citizen to qualify for a reduction in property taxes, and seniors must have lived in their home for at least 10 years to be eligible for an exemption.
What is the Property Tax in Houston?
As a major metropolitan city, there is good news and bad news for Houston homeowners. The good news is that, at $124,700, the median home price is not only lower than Boise’s, but it is also lower than the national average. However, Texas is the third highest in the country when it comes to property taxes. Using the 1.977 percent tax rate the estimated tax bill each year would run you $2,465. There is more good news, however. The County offers several exemptions, both partial and total, based on various qualifying factors such as general exemptions for owner-occupied residential homes, senior citizens, disabled persons including veterans,and surviving spouses among others.
What is Chicago’s Property Tax?
No other state beats out Illinois for high property taxes and, since average home prices run higher than in Boise, you’ll end up paying much more overall. With a tax rate of 1.861 percent you could estimate that a median priced home would be taxed $4,612 per year. Owner-occupying the premises won’t help much; homeowners exemptions are available, but they are a lump-sum ranging between $200 and $2,000 rather than being a percentage of assessed or market value. Senior citizens get a break, but don’t fare much better, only saving up to $750 each year, even if they combine their senior exemption with the homestead exemption.
What is the Tax on Los Angeles Residential Property?
California, in general, has fairly low property taxes, but the home values are what kick up the actual amounts that homeowners pay. The tax rate in Los Angeles, for example, is only .786 percent, just a bit lower than the rate in Boise. However, with average home prices at $470,000, estimated average property taxes would be around $3,694 annually. Homeowners who occupy their property can take $7,000 from the assessed value for figuring taxes, but that would still make for over $3,000 in yearly property taxes. Senior citizens, disabled persons, veterans, and disabled veterans are eligible for some exemptions.
2 Point Highlight
#1: Idaho is the state with the 14th lowest property taxes in the nation, so you could move almost anywhere and expect to be taxed more on your home than you would in Boise.
#2: This owner-occupied exclusion available in Boise exempts 50 percent of the value of your house and as much as one acre of land from property tax.
