Nobody likes to pay property tax. It seems like it’s a huge chunk of money that’s owed much sooner than just every year. However, Pittsburgh residents are rather lucky when it comes to property taxes since the amount they pay is relatively low, especially when compared to other major cities throughout the United States.
Pittsburgh’s Property Taxes
Pittsburgh property taxes are fair when you consider what an amazing city “Steel City” really is. Access to so many shops, nightlife locales and restaurants are within a short drive. Plus, the economy and job market fair well in comparison to other areas of the country.
The way the tax claim office determines the amount of real estate tax you pay is by assessing your home’s value. Therefore, places with higher home values will pay a higher property tax, but each neighborhood has the same assessment process. Each area pays taxes to the city, school district and for Carnegie Library. For every 1/1000 of a dollar of the person’s home value, the person pays $8.06 for the city tax. For every 1/1000 of a dollar, the homeowner owes $9.84 for school district tax. Residents of Pittsburgh are responsible for paying a tax to the Carnegie Library at a rate of $0.25 per 1/1000 of a dollar. A resident who lives in an expensive area of Pittsburgh like Fox Chapel, where homes are priced at over $500,000, will obviously pay more. As of January 2016, the average home value in Fox Chapel was $527,400. This means, on average, a person can expect to pay approximately $4,250.84 to the city. Additionally, the person will need to pay $5,189.62 for school taxes and $131.85 to the Carnegie Library. A person living in a less expensive home like one in Bloomfield, where homes have an average listing price of $161,000, will pay less.
Vs. New York City, New York
In New York City, your home will need to be assessed each year for tax purposes. This is to determine the most recent value of your home. Each year, the tax rate may change slightly, but you can expect to pay about 19 percent of your home’s value. Their tax evaluation takes into consideration what class your home falls in. No matter which class you’re in and how many upgrades you did to your home, the assessed value can’t exceed eight percent of the year before or more than 30 percent in five years. The assessed value will need to be multiplied to get the estimated market value, and then the number is multiplied by the tax rate. For instance, if you find a home in Queens for $530,000, and it’s a class 1 home, you’ll pay $6,218.17.  There are several ways to get a reduction in taxes such as if you’re a veteran, senior or are disabled.
Vs. Miami, Florida
In Miami, a person pays property taxes yearly, and it includes money that goes toward the county, region, school and city. The millage of each is combined to determine the millage of all put together. This number changes each year and varies from city to city. To assess, the tax bureau uses the previous year’s value. This number is then multiplied by the home’s value. Let’s say your home is the value of the average listing price of homes in Key Biscayne as of February 2016, which was $1,236,400. The total millage in this area was 17.2936. Therefore, you would owe $21,381.80 for that year. If you had a home valued at $200,000, you would owe $3,458.72 for that year. Additionally, you must pay personal property tax.
Vs. Dallas. Texas
In Texas, the amount you pay for real estate tax depends on the area’s tax rate for the previous year. This value is then multiplied by the value of the home. Some people may be eligible for a tax rebate. There are certain exemptions you may be eligible for if you request information from the Appraisal District. The 2015 tax rate was 0.243100. As an example, say the home you purchase in Dallas is for $250,000. You can expect to pay around $6,000 for taxes once you determine the value of your home that you must pay taxes on.
Vs. Atlanta, Georgia
In Atlanta, you’ll receive the assessment of your home. The next step is to determine the millage for the previous year and then multiply these two numbers. The average listing price of a home in the area was $180,900 as of February 2016. You would then determine the sum of the home value and then multiply this number by the millage of the Fulton county taxes along with city taxes for Atlanta. In 2015, this rate was 43.410 percent. Therefore, you would need to pay $7,852.869.
Vs. Phoenix, Arizona
In Phoenix, Arizona, the average listing price for a home is $187,200. You would need to pay taxes on only 10 percent of this due to the fact that you pay taxes on the assessed value. Your home’s assessed value would be $18,720. If the tax value was 1.3% for 2015, you would have to pay $2,433.60 in taxes for that year.
2 Point Highlight
Residents may three different forms of real estate tax, but the value is rather low for all.
Few major cities have the amenities Pittsburgh with such low taxes.
