It's tax time again, so where are the best and worst housing markets for taxes?
Homeowners in the housing market with the heaviest overall tax burden paid a percentage of their income seven times greater than the burden borne by the housing market with the lowest overall tax burden.
HousingWire looked through the data collected for 2012 by the District of Colombia’s Office of Revenue Analysis, data that is gathered by the city for the purpose of comparing its tax revenue strategy to other major cities.
The Office of Revenue Analysis gathered together information on the estimated property taxes, sales taxes, and state income taxes of major cities in all 50 states, and here’s what we dug out. (The data exclude federal income taxes.)
(Click here to see the full Office of Revenue Analysis report.)
We looked at their estimates for a hypothetical family of three, and the highest and lowest household income in their data set – the lowest being $25,000 and the highest being $150,000.
For our list rankings, we averaged out the tax rate across all the offered household income options – $25,000, $50,000, $75,000, $100,000 and $150,000 for the ranking. For simplicity’s sake, we list the highest and lowest income levels only.
Here’s what we found.
Click below for the five housing markets with the highest tax burden.