From Investopedia.com….
Property taxes are a key source of income for local governments, which use the money to fund projects, such as schools, road construction, maintenance, parks and recreation programs, public transportation, and payroll for municipal employees—including police, firefighters, and public works departments.123
Depending on where you live, you may pay a modest amount in property taxes or your tax bill could rival your mortgage. Across the U.S., the mean effective property tax rate—total real estate taxes paid divided by total home value—was 1.11% for 2018, according to data from the Tax Foundation, a tax policy research organization. Hawaii had the lowest rate in the country, at just 0.30%. New Jersey had the distinction of having the highest rate, coming in at 2.21%
