“Uncover the Shocking Truth: Which 14 States Are Seeing Explosive Growth in Property Taxes?”
This can be a rude awakening for many new homeowners in the state who might have moved to Texas to escape income taxes only to find themselves paying more than they expected in property taxes. With no income tax to offset these rising costs, property taxes are one of the main ways the state funds essential services.
5. Vermont
Vermont is a state known for its stunning scenery and outdoor lifestyle, but the price tag for living in this picturesque state keeps going up, especially when it comes to property taxes. Vermont’s property tax system is particularly complex, with separate rates for residents and non-residents, and it’s been a sore spot for many property owners as rates have steadily risen.
The state’s reliance on property taxes to fund local services, particularly education, has made it one of the more expensive places to own a home. For those who’ve made Vermont their home, this rising cost has been a challenge to budget for, especially as home values have continued to climb in recent years.
6. New Hampshire
New Hampshire offers the advantage of no state income or sales tax, but it comes with a catch: property taxes. In fact, property taxes are one of the state’s primary revenue sources, and they’ve been steadily increasing over the years. With no income tax, local governments heavily rely on property taxes to fund schools and municipal services, making homeownership particularly expensive.
The rising home values in New Hampshire have only exacerbated this issue. For many residents, the allure of low state taxes is overshadowed by the rising costs associated with owning property, particularly in high-demand areas near the border of Massachusetts, where many commuters reside.
