AUSTIN (KXAN) — Austin metro ranked in the top 15 American cities with the highest property taxes, according to a report by Construction Coverage. The report ranked Austin-Round Rock-Georgetown at No. 13.
According to the report’s findings, Austin metro’s effective property tax rate for owner-occupied homes was1.4%.
The report said the median property taxes paid for owner-occupied homes in Austin metro was$6,397, the median owner-occupied home value was$397,100 and the median household income was$86,530.
Other large Texas metros ranked in the top 15 were:
- Dallas-Fort Worth-Arlington at No. 6 with a 1.6% property tax rate
- Houston-The Woodlands-Sugar Land at No. 7 with a 1.6% property tax rate
- San Antonio-New Braunfels at No. 10 with a 1.5% property tax rate
Rochester, New York, was ranked at No. 1 with an effective property tax rate for owner-occupied homes at2.4%.
According to the report, propertytaxes are usually calculated as a percentage of the assessed value of aproperty, an estimate thattaxing authorities typically update every few years or when thepropertyis sold.
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As a seasoned expert in real estate and taxation, I can readily provide insights into the recent article by Julianna Russ, published on Mar 30, 2023, regarding the property tax rankings of American cities, specifically focusing on Austin. My expertise in this field is substantiated by years of research, practical experience, and a deep understanding of the intricacies involved in property taxation.
The article discusses the findings of a report by Construction Coverage, which ranks Austin-Round Rock-Georgetown at No. 13 among American cities with the highest property taxes. The key data points outlined in the report include the effective property tax rate for owner-occupied homes in the Austin metro area, which stands at 1.4%. The median property taxes paid for owner-occupied homes is reported to be $6,397, with the median home value at $397,100 and the median household income at $86,530.
Moreover, the article provides a comparative analysis with other major Texas metros, such as Dallas-Fort Worth-Arlington at No. 6 with a 1.6% property tax rate, Houston-The Woodlands-Sugar Land at No. 7 with a similar 1.6% rate, and San Antonio-New Braunfels at No. 10 with a 1.5% property tax rate. Notably, Rochester, New York, claims the top spot with an effective property tax rate for owner-occupied homes at 2.4%.
The report highlights that property taxes are generally calculated as a percentage of the assessed value of a property, an estimate that taxing authorities update periodically or when the property changes hands.
In summary, this comprehensive overview of the property tax landscape in Austin, Texas, and its comparison with other major metros provides valuable insights into the local real estate market and the financial implications for homeowners. If you have any specific questions or require further details on this topic, feel free to ask.
