Effective Tax Rate
The actual percentage of a home’s market value paid in property tax each year.
The effective tax rate is your annual property tax divided by your home’s market value — a cleaner way to compare tax burden across areas than the millage rate alone, since it accounts for assessment ratios and exemptions.
The US median is roughly 1%, but it ranges from well under 0.5% to over 2% depending on location. A high effective rate makes a successful appeal worth even more.
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