Anyone wanting to find a home with the lowest possible property taxes should consider checking a new list that compares the property taxes of 50 major cities in the United States.
The list provides readers with a way to compare major cities all across the U.S., with Birmingham, Alabama, coming out on top with the lowest property taxes in the nation. Two major cities in Tennessee, Memphis and Nashville, also joined Birmingham in the top 10 places with the lowest property taxes, according to the list from LendingTree.
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Birmingham was also the only city on the list where median property taxes are less than $1,000 a year, totaling $995 annually in the Alabama city. The two cities that followed up, New Orleans and Memphis, Tennessee, were nowhere near the $1,000 mark, with both cities at $1,506 and $1,672, respectively.
Out of the 10 cities with the lowest property taxes, seven of them were in Southern states, including the aforementioned top three cities, Louisville, Kentucky, at $1,765, Phoenix at $1,769, Nashville, Tennessee, at $1,877, and Charlotte, North Carolina, at $1,986. The remaining states in the lowest 10 include Indianapolis at $1,804, Las Vegas at $1,835, and Oklahoma City at $1,884.
Jacob Channel, the chief economist at LendingTree, claims that the amount of people moving to Southern states has led to real-estate tax increases in cities that used to be affordable places to live, such as Austin, Texas, and Dallas, where the median property taxes paid on homes is $6,397 and $5,106, respectively, according to Business Insider.
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"In some ways, it's surprising," Channel said. "In some ways, it's not. High property taxes are usually dominated by East Coast or California metros. But as Texas becomes more popular, it is likely that property values and taxes are going to continue to rise."
The list was composed by analyzing data from the U.S. Census Bureau 2021 American Community Survey with one-year estimates, the latest survey available when the list was composed. The U.S. Census Bureau uses the term “real estate tax” to define a tax charged on an “entire property payable to all taxing jurisdictions, including special assessments, school taxes, county taxes and so forth.”