About Property Tax Rates

What is a property tax rate? The property tax rate (also called the effective tax rate) is expressed as a percentage of your home's assessed value. For example, a 1% rate on a $300,000 home means $3,000 in annual property taxes.

Why do rates vary? Property tax rates vary significantly by location based on local government funding needs, school district budgets, and state tax policies. Some states rely more heavily on income or sales taxes, resulting in lower property tax rates.