Property tax is "really instrumental" as a local revenue source, but stressed that every community has different priorities and budgeting goals.
Property taxes have 'so many variables'"With property taxes, it's pretty simple stuff," said Richard Auxier, senior policy associate at the Urban-Brookings Tax Policy Center.
watch nowThis is why your next-door neighbor's property tax bill can be so different from yours, Auxier explained.
Generally, cities tend to have more expensive property tax rates if there's high property tax reliance, low property values, or more robust local government spending, the report concludes.
5 highest effective property tax rates in 2022Detroit skyline Reese Lassman | EyeEm | Getty Images
Persons:
Katherine Loughead, Loughead, Richard Auxier, Auxier, Reese Lassman
Organizations:
Istock, Getty, Lincoln Institute of Land Policy, Minnesota Center, Fiscal, Center for State Tax, Tax, Urban, Brookings Tax, Reese, EyeEm
Locations:
Detroit