6. Rhode Island
Average Property Taxes as percent of Median Income: 4.9 percent (6th Most)
Average Median Property Taxes Paid on Homes: $3,730 (6th Most)
Unemployment Rate: 11.2 percent (4th Highest)
Average Median Income for Home Owners: $76,193 (8th Highest)
Percent decrease in Median Home value (2006-2009): -8.4 percent (6th Greatest decrease)
Rhode island property values declined a staggering 8.4 percent between 2006 and 2009, the 6th largest decrease in the country. Despite this, homeowners still pay the 6th most in property taxes as a percent of their incomes, amounting to (a median) $3,730 per household. While state residents have the 8th highest median income, there is mounting pressure on the financial stability of residents because of joblessness – Rhode Island’s unemployment rate is 11.2 percent, the fourth-highest in the country. This kind of distress is often a cause for states and municipalities to raise property taxes, even in financially difficult periods for their citizens, because of budget concerns..
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