DID YOU KNOW? Blue states real-estate property taxes are 19.84% higher than red states, the report notes. Blue state property taxes average $2,399; red states average $2,002. According to the U.S. Census Bureau, the average household spends $2,279 on property taxes every year. States with the highest real-estate taxes are New Jersey, Illinois, New Hampshire, Connecticut, Wisconsin, Vermont, Texas, Nebraska, and New York. Residents of 27 states pay additional vehicle property taxes, costing at least an additional $440 per year, according to the WalletHub report. States with the highest vehicle property taxes are Rhode Island, Virginia, Mississippi, Missouri, South Carolina, Maine, Massachusetts, and Kansas. More than $14 billion in property taxes go unpaid every year. (Daily Local news)
DID YOU KNOW? The cap on deducting state and local taxes will prevent nearly 11 million people from deducting some $323 billion payments from their federal tax returns, according to an audit released yesterday. The $10,000 cap was brought in as part of the Tax Cuts and Jobs Act, and primarily impacts payers in higher-tax states in California and the Northeast.