The ongoing housing affordability crisis in the United States has largely been driven by soaring home prices and high mortgage rates, leaving over 100 million households unable to afford median homes.
Property taxes serve as the largest source of tax revenue for local governments in the U.S., and typical American households paid nearly $1,900 in property taxes in fiscal 2021.
Property tax payments vary considerably and depend on the assessed value of homes and local rates, creating significant disparities even within the same state.
Local property tax rates can create a financial burden, influencing how much families pay for homeownership on top of mortgage costs.
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