States Without Property Tax, Perfect for Retirement
Congratulations, you're retired! Now what? While there are plenty things to do, you might consider moving (or spending time in) a property tax free state.
What are Property Taxes?
According to Investopedia Property Taxes are:
"Property tax is a real estate ad-valorem tax, assessed by a local government, which is paid by the owner of the property. The tax is usually based on the value of the owned property, including land. The local governing body will use the assessed tax to fund water and sewer improvements, provide law enforcement and fire service and other items deemed necessary."
Why Do Property Taxes Vary State by State?
"Property taxes vary substantially around the United States, both among states and even within states. Property taxes are levied at the state and local level".
"Property taxes are generally levied by county, but often include taxes paid to other local entities like school districts, utility authorities or city governments. The rules, rates and regulations surrounding property taxes can vary significantly depending on where you live."
States with the Lowest Property Taxes
If you live in New Jersey, Texas, Connecticut, Vermont, or New York, you know how high your property taxes can get. If you're sick and tired of it, pack your bags and move to a different state to own property.
5. District of Columbia
6. South Carolina
7. West Virginia