Cities with the lowest real estate taxes

By Personal FinanceFOXBusiness

High-tax cities seeing residents flee for Florida?

Dolly Lenz Real Estate CEO Dolly Lenz and Dolly Lenz Real Estate Managing Director Jenny Lenz on homeowners leaving high-tax states for states such as Florida.

Spring is typically a busy time in the real estate market – and this year the season appears to be off to a strong start.

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New home sales rose 4.9 percent to an 11-month high in February, according to data released Friday by the Commerce Department. This comes as mortgage rates saw their biggest weekly drop in a decade.

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But depending on where these new homeowners are, they may soon have to pay up a sizable chunk of change in real estate taxes.

Individuals in heavily populated metropolitan areas pay an average $9,400 in real estate taxes, according to the nation’s largest online lending marketplace, LendingTree. In rural areas, individuals pay an average of $2,600.

LendingTree examined how owning real estate impacts taxpayers across the country by looking at average property taxes, mortgage interest and mortgage insurance premiums. Researchers then narrowed down the data to find out where the overall real estate burdens were the lowest.

Here’s a look at the results:

1. Birmingham, Alabama

Percent of returns with real estate taxes: 26.5 percent

Average real estate tax amount: $2,035

Percent of returns with mortgage interest paid: 24.0 percent

Average mortgage interest paid: $7,455

Percent of returns with mortgage insurance premiums paid: 4.1 percent

Average mortgage insurance premium amount: $1,200

2. Louisville, Kentucky

Percent of returns with real estate taxes: 27.7 percent

Average real estate tax amount: $2,733

Percent of returns with mortgage interest paid: 24.2 percent

Average mortgage interest paid: $6,297

Percent of returns with mortgage insurance premiums paid: 4.3 percent

Average mortgage insurance premium amount: $1,227

3. Salt Lake City, Utah

Percent of returns with real estate taxes: 31.1 percent

Average real estate tax amount: $2,765

Percent of returns with mortgage interest paid: 27.8 percent

Average mortgage interest paid: $8,328

Percent of returns with mortgage insurance premiums paid: 6.6 percent

Average mortgage insurance premium amount: $1,758

4. Indianapolis, Indiana

Percent of returns with real estate taxes: 25.6 percent

Average real estate tax amount: $2,773

Percent of returns with mortgage interest paid: 22.97 percent

Average mortgage interest paid: $6,736

Percent of returns with mortgage insurance premiums paid: 4.23 percent

Average mortgage insurance premium amount: $1,210

5. Phoenix, Arizona

Percent of returns with real estate taxes: 27.8 percent

Average real estate tax amount: $2,835

Percent of returns with mortgage interest paid: 25 percent

Average mortgage interest paid: $8,988

Percent of returns with mortgage insurance premiums paid: 4.74 percent

Average mortgage insurance premium amount: $1,748

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On the flip side, the metros with the highest real estate taxes are:

New York, New York

Average real estate tax amount: $10,202

San Jose, California

Average real estate tax amount: $9,626

San Francisco, California

Average real estate tax amount: $8,493