Property Tax Assessment: Guide and FAQs

Property taxes are based on the market value of the property and can change along with the value. A tax assessor will check the property every few years to reassess the value and adjust the property taxes accordingly.

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Your state will dictate your tax rate, but generally, it is between 0.5% and 2%, with only a few exceptions going over or under this amount. 

Property taxes are due every year but are paid by the borrower every month, with the money held in escrow and then released accordingly.

Property Tax Rates by State

Property taxes, just like property values, differ greatly from state to state. Take a look at the list below to understand how much you can expect to pay:

  • Alabama: State Property Tax = 0.42%; Average House Price and Associated Tax = $137,200 ($527).
  • Alaska: State Property Tax = 1.18%; Average House Price and Associated Tax = $265,200 ($3,136).
  • Arizona: State Property Tax = 0.69%; Average House Price and Associated Tax = $209,600 ($1,440).
  • Arkansas: State Property Tax = 0.63%; Average House Price and Associated Tax = $123,300 ($776).
  • California: State Property Tax = 0.76%; Average House Price and Associated Tax = $475,900 ($3,617).
  • Colorado: State Property Tax = 0.53%; Average House Price and Associated Tax = $313,600 ($1,647).
  • Connecticut: State Property Tax = 2.11%; Average House Price and Associated Tax = $272,700 ($5,726).
  • Delaware: State Property Tax = 0.56%; Average House Price and Associated Tax = $244,700 ($1,377).
  • D.C: State Property Tax = 0.55%; Average House Price and Associated Tax = $568,400 ($3,113).
  • Florida: State Property Tax = 0.93%; Average House Price and Associated Tax = $196,800 ($1,827).
  • Georgia: State Property Tax = 0.91%; Average House Price and Associated Tax = $166,800 ($1,510).
  • Hawaii: State Property Tax = 0.27%; Average House Price and Associated Tax = $587,700 ($1,607).
  • Idaho: State Property Tax = 0.72%; Average House Price and Associated Tax = $192,300 ($1,382).
  • Illinois: State Property Tax = 2.30%; Average House Price and Associated Tax = $187,200 ($4,299).
  • Indiana: State Property Tax = 0.86%; Average House Price and Associated Tax = $135,400 ($1,164).
  • Iowa: State Property Tax = 1.56%; Average House Price and Associated Tax = $142,300 ($2,219).
  • Kansas: State Property Tax = 1.41%; Average House Price and Associated Tax = $145,400 ($2,045).
  • Kentucky: State Property Tax = 0.86%; Average House Price and Associated Tax = $135,300 ($1,166).
  • Louisiana: State Property Tax = 0.53%; Average House Price and Associated Tax = $157,800 ($840).
  • Maine: State Property Tax = 1.36%; Average House Price and Associated Tax = $184,500 ($2,515).
  • Maryland: State Property Tax = 1.09%; Average House Price and Associated Tax = $305,500 ($3,344).
  • Massachusetts: State Property Tax = 1.23%; Average House Price and Associated Tax = $366,800 ($4,508).
  • Michigan: State Property Tax = 1.58%; Average House Price and Associated Tax = $146,200 ($2,312).
  • Minnesota: State Property Tax = 1.13%; Average House Price and Associated Tax = $211,800 ($2,388).
  • Mississippi: State Property Tax = 0.81%; Average House Price and Associated Tax = $114,500 ($924).
  • Missouri: State Property Tax = 0.97%; Average House Price and Associated Tax = $151,600 ($1,470).
  • Montana: State Property Tax = 0.84%; Average House Price and Associated Tax = $219,600 ($1,835).
  • Nebraska: State Property Tax = 1.77%; Average House Price and Associated Tax = $147,800 ($2,621).
  • Nevada: State Property Tax = 0.64%; Average House Price and Associated Tax = $242,400 ($1,542).
  • New Hampshire: State Property Tax = 2.20%; Average House Price and Associated Tax = $252,800 ($5,550).
  • New Jersey: State Property Tax = 2.47%; Average House Price and Associated Tax = $327,900 ($8,104).
  • New Mexico: State Property Tax = 0.79%; Average House Price and Associated Tax = ​$166,800 ($1,316).
  • New York: State Property Tax = 1.71%; Average House Price and Associated Tax = $302,200 ($5,157).
  • North Carolina: State Property Tax = 0.85%; Average House Price and Associated Tax = $165,900 ($1,410).
  • North Dakota: State Property Tax = 0.99%; Average House Price and Associated Tax = $185,000 ($1,828).
  • Ohio: State Property Tax = 1.58%; Average House Price and Associated Tax = $140,000 ($2,205).
  • Oklahoma: State Property Tax = 0.90%; Average House Price and Associated Tax = $130,900 ($1,177).
  • Oregon: State Property Tax = 1.01%; Average House Price and Associated Tax = $287,300 ($2,890).
  • Pennsylvania: State Property Tax = 1.59%; Average House Price and Associated Tax = $174,100 ($2,767).
  • Rhode Island: State Property Tax = 1.66%; Average House Price and Associated Tax = $249,800 ($4,154).
  • South Carolina: State Property Tax = 0.57%; Average House Price and Associated Tax = $154,800 ($887).
  • South Dakota: State Property Tax = 1.32%; Average House Price and Associated Tax = $159,100 ($2,101).
  • Tennessee: State Property Tax = 0.73%; Average House Price and Associated Tax = $158,600 ($1,153).
  • Texas: State Property Tax = 1.81%; Average House Price and Associated Tax = $161,700 ($2,922).
  • Utah: State Property Tax = 0.64%; Average House Price and Associated Tax = $256,700 ($1,653).
  • Vermont: State Property Tax = 1.88%; Average House Price and Associated Tax = $223,700 ($4,206).
  • Virginia: State Property Tax = 0.81%; Average House Price and Associated Tax = $264,900 ($2,155).
  • Washington: State Property Tax = 1.01%; Average House Price and Associated Tax = $311,700 ($3,142).
  • West Virginia: State Property Tax = 0.59%; Average House Price and Associated Tax = $115,000 ($678).
  • Wisconsin: State Property Tax = 1.91%; Average House Price and Associated Tax = $173,600 ($3,308).
  • Wyoming: State Property Tax = 0.61%; Average House Price and Associated Tax = $213,300 ($1,298).

FAQs About Property Taxes and Appraisals

Still have a few questions about property taxes, the appeals process, tax laws, and other essential information? Take a look at our FAQs below.

Why Does the Assessed Value Change?

Multiple things can impact the value of your house. Some of these things are entirely under your control, including renovations, upkeep, and extensions. But others are not, such as an increase in real estate value in your area.

If your area becomes gentrified, you may find yourself with high property taxes resulting from an increased market value. Of course, there are more pros than cons here, as you’ll be sitting on a valuable asset and can make more money if you ever decide to sell or cash in your home equity.

Once the county assessor completes a property assessment, you will be sent a notice from the assessor’s office outlining the new value of your home and the resulting property taxes.

What Property is Assessed?

Most personal property and business property will be assessed, including family homes, outbuildings, condos, offices, small business premises, farms, and more.

Can I Dispute the Value?

Once you receive the assessment notice, you can dispute it. The details of how you can appeal, along with the deadline by which those appeals need to be launched, can be found on the assessment notice.

You can conduct an informal review with the appraiser to confirm that they have the correct details and to air your grievances regarding the assessment. Many assessment appeals will be settled during this period, but you can take things further if you are still not satisfied.

What are Improvements?

The word “improvement” may appear on your assessment, and it may be a little confusing, especially if you have not made any changes to the property.

In this sense, however, improvements simply mean that a part of your property has improved in value, not that you have made any substantial changes.

Is There a Limit?

There is no limit regarding how much your property taxes can increase. A property tax assessment is based purely on your market value and if that value doubles, your property tax will experience a similar sharp increase.