IE Business Daily Business news for the Inland Empire.
Riverside residents pay among the lowest property taxes of any U.S city, a recent report has found.
The city’s effective property tax rate – taxes paid as percentage of market value – is currently about 0.7 percent according to Seattle-based Redfin Corp. a real estate brokerage and mortgage company.
Anaheim (0.5 percent), Los Angeles (0.6 percent), Oakland (0.6 percent), Sacramento (0.7 percent) and, San Diego (0.6 percent) all had among the lowest property tax rates in the country. Much of that can be attributed to Prop. 13, the 1978 ballot measure that put a cap on property tax increases.
Effective property tax rates are highest Austin, Texas (1.8 percent), Newark, NJ, San Antonio, Houston and Chicago, each of which have a 1.7 percent rate.
Effective tax rates are lowest in Nashville, Phoenix, Las Vegas and Charlotte, each with rates of 0.5 percent or less, Redfin found.
