An analysis by John Burns Research and Consulting reveals that high property taxes in metropolitan areas like New York City, Philadelphia, and Chicago are causing retirees to move to regions with lower tax burdens. A map shared on LinkedIn illustrates that these high-tax areas exceed 2% of a home's value, while lower-tax regions charge less than 0.5%. The study indicates that property taxes significantly impact retirees’ living conditions, as they are a substantial expense, prompting many to seek more affordable options in other states.
"Property taxes are a huge expense, especially for retirees," commented John Burns, the founder and CEO of the consulting firm. "We see a lot of retirement outmigration from the states in dark red in this map."
The dark red areas on the map show cities and counties with property taxes that amount to over 2% of a home's value. Areas colored light beige on the map display sectors where property taxes account for less than 0.5% of the value, according to John Burns data scientist Ian Kennedy.
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