Some people say we need state income tax in order to reduce our property taxes. Let’s compare:
New York City:Cost of property taxes for a home costing $250,000 is $2,192, but the median home price in New York City is $669,500 and the property tax at that price level is $12,888 annually.
Los Angeles:Cost of property taxes for a home costing $250,000 is $1,921, but the median home price in Los Angeles is $696,900 and the property tax at that price level is $5,526 annually.
Chicago:Cost of property taxes for a home costing $250,000 is $5,341, but the median home price in Chicago is $227,900 and the property tax at that price level is $4,579 annually.
Houston:Cost of property taxes for a home costing $250,000 is $5,309, but the median home price in Houston is $189,900 and the property tax at that price level is $4,290 annually.