How Much More Tax Burden Should Homeowners Bear?
Is your state or local government trying to raise the amount of taxes you pay on your home? Think nothing can be done about it? You’re wrong. Across America, state and local Realtor® Associations have been hard at work protecting your wallet and your home from costly new and increased taxes. As a homeowner, you already suffer a large tax burden: About 10% of your income goes to state and local taxes. It takes you 40 days to pay that (that’s not counting federal taxes, either). Reminds us of that famous quote from President Reagan: “The taxpayer: that’s someone who works for the government but doesn’t have to take a civil service exam.” But when you factor in your home, you’re paying much more in taxes. Local governments count on real estate for almost 75% of tax revenues. Combined, about 35% of average state and local tax revenue comes from real estate. In some states it’s even higher. Take, for example, Florida, where that rate is a whopping 43%. State and local taxes al