Question

Annual property taxes for homes are usually

A) less than 0.5% of the home value.
B) 0.5% to 1% of the home value.
C) 1% to 2% of the home value.
D) greater than 2% of the home value.

Answer 1

Annual property taxes for homes are usually 0.5% to 1% of the home value.

Step-by-step explanation:

Annual property taxes for homes are usually B) 0.5% to 1% of the home value.

Property taxes are taxes imposed on assets, including real estate. The local government assesses the value of the property and applies a proportional tax rate to that value.

Property taxes vary based on the economic health of an area, quality of school districts, and overall desirability of a location. While property taxes can vary, the typical range for annual property taxes on homes falls between 0.5% to 1% of the home value.