Who pays the greatest portion of their income in property taxes?

Question

Quizplus · Accepted Answer

Poor homeowners and renters tend to pay a greater portion of their income in property taxes because they have lower incomes and their homes are often assessed at a higher percentage of their value compared to wealthier homeowners. Business owners may also pay higher property taxes, but this can depend on the location and type of business. Wealthy homeowners and renters may have higher property taxes in terms of dollar value, but it typically represents a smaller portion of their income. Renters do not directly pay property taxes, as they are included in their rent, but they can indirectly pay a portion of these taxes through higher rent prices.

Who Pays the Greatest Portion of Their Income in Property