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Field Guide to Impacts of Property Taxes on Real Estate

(Updated April 2014)

Americans love to hate property taxes despite the fact that local governments depend upon this levy to provide services and programs to local residents. This Field Guide offers articles about the history of property taxes in the United States and also addresses the current housing market and its impact  on real estate taxes. (A. Siudzinski, Senior Library Information Specialist)

Property Taxes


Property Taxes (% of Property Value) by State (2012)

  1. New Jersey – 1.89%
  2. New Hampshire – 1.86%
  3. Texas - 1.81%
  4. Nebraska & Wisconsin - 1.76%
  5. Illinois - 1.73%
  6. Connecticut - 1.63%
  7. Michigan - 1.62%
  8. Vermont - 1.59%
  9. North Dakota - 1.42%
  10. Ohio - 1.36%
  11. Pennsylvania & Rhode Island - 1.35%
  12. Iowa - 1.29%
  13. South Dakota - 1.28%
  14. New York - 1.23%
  15. Maine - 1.09%

Source: Tax Rates.org, (2012). 


Property Taxes in the News

Catsimatidis: Raising property taxes will chase people away, (The Real Deal, Mar. 11, 2014).

NYC Property Tax Change Seen Yielding $4 Billion Windfall, (Bloomberg, Mar. 9, 2014).

Property taxes still a factor when buyers decide where to move, (NorthJersey.com, Jan. 20, 2013).


Impact on Property Values

Taxes up, property values down in DuPage county, (The Daily Herald, Mar. 26, 2014).

Property taxes impacting real estate values, (KEX 1190 Portland, Mar. 19, 2014).

Honolulu property taxes rise with housing values, (Hawaii News Now, Dec. 18, 2013).

Property tax loophole could drive down values, appraiser says, (My San Antonio, Oct. 7, 2013).


Understanding Property Taxes

Residential Property Taxes in the United States, (Urban-Brookings Tax Policy Center, Nov. 18, 2013).

Property tax basics, (US Tax Center/Internal Revenue Service, Oct. 8, 2013).

The Curious Case of Property Taxes,  (U.S. News & World Report, Aug. 20, 2013).


Challenging Your Property Tax Bill

How to Reduce Your Property Taxes, (Kiplinger, Mar. 2014).

How to Lower Your Property Taxes, and When Not to Try It, (Huffington Post, Dec. 12, 2013).

How to Cut Your Property Taxes, (Credit.com, Oct. 8, 2013).

Appraisal Institute Provides Homeowners With Property Tax Appeal Tips, (The Appraisal Institute, Mar. 21, 2013).


eBooks & Other Resources

eBooks.realtor.org

The following eBooks and digital audiobooks are available to NAR members:

How to Invest In Offshore Real Estate and Pay Little or No Taxes (Adobe PDF eBook )

How to Invest in Real Estate & Pay Little or No Taxes Use Tax Smart Loopholes to Boost Your Profits By 40% (Adobe PDF eBook )

Make Money in Real Estate Tax Liens (Kindle Book; Adobe PDF eBook)

Real Estate Advantages (Overdrive WMA Audiobook)

Books, Videos, Research Reports & More

The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800-874-6500 for assistance.

Property Taxes in Illinois—What is the effect of rapid increases and large drops in house prices on property taxes?, (University of Illinois, 2011). [pdf link]

Challenging the conventional wisdom of the property tax, (Hollis, NH: Puritan Press, 2010). HJ 4120 B14

How to reduce your property taxes, (Genesis Press, 1995). HJ 3241 Ad5

Reduce your property taxes, (Crisp Publications, 1992). HJ 4120 T97

The Worst Tax? A History of the Property Tax in America, (University of Kansas Press, 1996). HJ 4120 F57

Field Guides & More

These field guides and other resources in the Virtual Library may also be of interest:

Field Guide to 1031 Exchanges

Field Guide to Development Impact Fees

Field Guide to Real Estate Transfer Taxes

Field Guide to Schools & the Homebuying Decision

InfoCentral Blog


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The inclusion of links on this field guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this field guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.