"Property taxes around the U.S. have long been a lightning rod for debate, with political leaders perpetually balancing the need to fund their budget priorities against the risk of alienating homeowners and businesses. This week, for example, New York City Mayor Zohran Mamdani sparked an uproar by proposing to close a budget hole by sharply raising property taxes."
""Surging home values have amplified calls to cut or even abolish the property tax," wrote Tax Policy Center senior research associate Thomas Brosy in a September blog post. "Because property taxes rise with home values, homeowners may fear being squeezed by larger tax bills.""
"Such taxes - levied mostly by local governments to raise revenue for services including public schools, road construction, and police and fire departments - account for 70 cents of every $1 in local tax collections, according to the nonpartisan Tax Foundation."
Property taxes are levied mostly by local governments to fund public schools, road construction, police, and fire departments, and account for roughly 70 cents of every local tax dollar. Surging home values have driven higher tax assessments and increased property tax bills across many areas. The median U.S. property tax bill rose about 30% from 2019 to 2024. Illinois has the highest effective property tax rate, while Hawaii has the lowest. Some state leaders propose eliminating or reducing property taxes for homeowners, even as local officials in high-cost cities consider raising taxes to close budget shortfalls.
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