Stay updated with breaking news from Natashan varyani. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Reply Michigan’s state median home value is $154,900 and ranks 38th for real-estate property tax rates by state. (Image Credit (Zillow)) Property taxes are one of the forms of taxation in the US. Property taxes are a major source of income for local and state governments and are used to fund services such as education, transportation, emergency, parks, recreation, and libraries. The different boards, councils, and legislatures meet to decide the appropriate rates. They hold budget hearings to determine how much money needs to be allocated for providing the various services required by the local community. Each year, the average American household spends $2,471 on real-estate property taxes plus another $442 for residents of the 27 states with vehicle property taxes. With such high costs, it s no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association. ....