Homeowners in seven Michigan cities are among the most heavily taxed, based on home values, according to SmartAsset , a publisher of financial information.
SmartAsset ranked 342 of the largest U.S cities where homeowners with mortgages pay the most in property taxes in relation to their home’s market value.
Lansing, Ann Arbor, Dearborn, Warren, Detroit, Sterling Heights and Grand Rapids property owners were among those with the highest homeowner tax rates in the U.S., according to SmartAsset.
Property taxes are taxes paid by real estate owners to local tax authorities, according to Rocket Mortgage . The amount is based on the assessed value of your home and vary depending on your state’s’ property tax rate.
Taxes fund and pay for local amenities, schools, infrastructure and municipal local services, among other things, according to SmartAsset .
Where are taxes highest for homeowners in the US?
Two Illinois suburbs have the highest real estate taxes relative to home values, SmartAsset said.