Living in the Big Apple comes with big price tags, especially regarding property taxes.
According to a new data study from LendingTree (NASDAQ:TREE), New York City has the highest median property tax among the nation’s 50 largest metros. Homeowners in the City That Never Sleeps have a reason to stay up all night – the median amount paid $9,091 per year, which could certainly cause people to lose sleep with worry.
Rounding out the top five metros with the highest property taxes are San Jose ($8,858), San Francisco ($7,335), Austin ($6,397) and Boston $6,224.
At the other end of the spectrum, the only major metro where property taxes are lower than $1,000 a year is Birmingham – the Alabama metro’s homeowners pay $995 a year. Following Birmingham with low median real estate taxes is New Orleans ($1,506), Memphis ($1,672), Louisville ($1,765) and Phoenix ($1,769).
“Remember that if you’re overburdened by property taxes, or just think that you’re paying too much, you can challenge your assessment,” said LendingTree’s Senior Economist Jacob Channel. “While this doesn’t guarantee that your bill will go down, it can help shed some light on why the government is saying you owe what you do. And, in the best-case scenario, you could end up paying less in taxes.”
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The article is very misleading as regards NYC where property taxes on 1-4 family residences are in the 2-4 thousand dollar range. The NYC numbers are skewed by the high proportion of multi-million dollar condos, and cooperatives and office buildings in Manhattan.
When you calculate the property taxes it seems you need to distinguish whether it’s the % that is required in the state verses the median price of the property in that state.