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Small Favors, We Don't Live in New York

ACTA members may complain about the real estate taxes in Arlington County, but at least we don’t live in New York or New Jersey. A new analysis (Fiscal Fact No. 192, September 22, 2009) of Census Bureau housing data by the Tax Foundation contains the following conclusion:

“The Northeast remains the area with the highest property taxes on homeowners. These states also have high per capita income, and the highest property tax bills, in terms of dollar amounts, are usually found in the areas with the highest incomes. As for the percentage-of-home-value measure, counties in upstate New York still dominate as they tend to impose high property taxes on homeowners, albeit in a location with lower home values and thereby higher effective tax rates.”

To see just how bad things are in the Northeast, consider that all of the “top 10 counties in median real estate taxes paid, 2008” are in either New York or New Jersey with median real estate taxes paid ranging between $7,324 and $8,890. When looking at the top 10 counties in median real estate taxes paid divided by median home value, 2008,” every county is in the state of New York.

For a bit of comparison, the median property taxes paid on homes throughout the United States is $1,897 and in Virginia, it is $1,854 (ranking Virginia #22). In the nation, the median home value is $197,600 while in Virginia, it is $269.900. For taxes as a percentage of home value, it is 0.96% in the United States and 0.69% in Virginia (ranking #33). The median income for homeowners in the nation is $65,385 and $75,504 in Virginia. Finally taxes as a percentage of income is 2.96% in the United States and 2.46% in Virginia (ranking #28).

I guess one should be thankful for small favors. 

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