Property Tax Statistics….read them and weep

We found an interesting website that provides some statistics about property taxes.

https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/

Here is the ranking of all 50 States in relationship to the average amount spent on property taxes from lowest to highest. Ohio is ranked 39th out of 51 States (ok, they added the District of Columbia for those checking my facts)

Real Estate Taxes by State 2019

Ohio #39…Average Real Estate Effective Tax Rate: 1.57%
Average Annual Taxes on Home Valued at $194,000:  $3,042
Average Median Home Value:  $135,100
Average Tax on Avg. Median Home Value:  $2,124

Here is an excerpt from the article by Wallethub:

“The average American household spends $2,279 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $440. Considering these figures and the rising amount of debt in America, it should come as no surprise that more than $14 billion in property taxes go unpaid each year, the National Tax Lien Association has found.”

Speaking about unpaid property taxes, if you think you are the owner of your home, just try not paying your property taxes.  The American dream of home ownership is just an illusion; we are merely renters, and the government is our landlord.

The collection of unpaid property taxes has been quite a boon for the Lake County Prosecutor’s office. They is the collection arm of the Lake County Treasurer’s office.

Here is their share of the collections of Delinquent Property Taxes for the years 2014 – 2018, and what they have budgeted for in 2019. Take note that they expect to “cash in” in 2019 as more people [seniors?], undoubtedly, will have trouble paying their property taxes.

2014 – $669,286.64
2015 – $568,607.88
2016 – $593,997.85
2017 – $470,448.81
2018 – $529,953.07
2019 Budget – $604,016.77 an increase of $74,063.70 or 14.0%

We have looked at the foreclosure statistics on the Treasurer’s website to see if we can determine a trend, but have concluded that it does not provide a true story of what is happening in Lake County.  Seniors are “downsizing”, in many cases, because of the increasing property taxes and are looking for more reasonably priced alternative, which will not be reflected in the Treasurer’s foreclosure statistics.

We will be checking with the Lake County Auditor’s office for more property tax statistics for Lake County, and will update this post if and when we receive them.

 

 



Categories: Lake County, Real Estate Taxes, Uncategorized

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