Homeownership in the United States is traditionally viewed as a way to build wealth by paying down a mortgage and accruing equity. However, an important aspect often overlooked is the obligation to pay property taxes, which must be settled regardless of mortgage status. These taxes are essential for funding local public services such as schools and infrastructure. With property taxes comprising 27.4% of state and local tax revenue nationwide, their rates and impacts vary significantly across regions, affecting monthly homeowner expenses and overall investment strategy.
Property ownership not only allows individuals to build equity but also comes with the inevitable expense of property taxes, crucial for funding local services.
Because property taxes are pivotal for public services and account for 27.4% of all tax revenue, its significance extends beyond mere homeownership costs.
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