How Much Bill Gates Pays in Property Taxes on His Many Homes

In dollar terms, Westchester County has some of the highest property taxes not only in the state of New York, but in the entire country. The typical Westchester County homeowner pays more than $9,000 annually in real estate taxes alone. While the county does have very high home values, with a median value of $750,000, it also has high property tax rates.

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• When adjusted for inflation, most homeowners’ tax bills were lower in 2023 than in 2018 — the year before GOP legislators embarked on their current push to tamp down property tax bills.
• You have a place to call home that you can decorate, remodel, and renovate as you choose.
• The assessor determines this by comparing recent sales of homes similar to yours.
• The assessment of your property will depend on your county’s practices.
• It supports infrastructure improvements, public services and local public schooling.
• Sam Walton, the founder of Walmart, used a family limited partnership or “FLP” to save his kids and wife from paying any estate taxes on multibillion family fortune.

In most communities, that would represent a maximum savings of around $450 a year, though tax bills can vary greatly depending on local mill levy rates. In years past, the city could tax roughly 54% of that total assessed value of $100,000 at the tax levy rate that it chooses ahead of budget approval each spring. In Fiscal 2025, the city may now only tax 46.34% of the property value.

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The longtime owners of a home in the Gilbert-Emory neighborhood in west Dallas, which is quickly gentrifying, did see their school property taxes drop to zero last year. Their home’s market value more than tripled between 2018 and 2023, and their city and county taxes rose by double-digit percentages in that time. But their total tax bill was 22% lower at the end of that five-year period.

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The assessor determines this by comparing recent sales of homes similar to yours. In other states, your assessed value is thousands less than the market value. Almost every county government explains how property taxes work within its boundaries, and you can find more information either in person or via your local government’s website.

• After this spouse dies, the trust passes to new beneficiaries, typically the couple’s children.
• Enrolled agents, certified public accountants, Annual Filing Season Program (AFSP) participants and other tax professionals can earn up to 19 continuing education (CE) credits.
• This includes equipment, fixtures, furniture, and other items that help you make money.
• Still, it’s helpful to have at least a basic understanding of what you’re getting into tax-wise when you own or invest in property.
• Seniors and homeowners with disabilities received additional tax relief under the 2023 tax law.

Real Estate Taxes: Your Complete Guide

Those low rates don’t necessarily mean that homeowners in the city pay less than those in other parts of the state, however. Due to Manhattan’s sky-high real estate values, the typical homeowner in the city pays $8,980 annually, while the statewide median payment is $5,732. In simple terms, while the city increased the tax levy — the tax amount per $1,000 of the property’s assessed value — by 24 cents, residents across the area will see a reduction in the total amount due on their property taxes. The primary goal of Coralville’s annual budget is to maintain the property tax levy rate “when possible,” fund infrastructure projects, provide “high-quality” city services, and “enhance the quality of life” in Coralville. Coralville residents can expect to pay slightly less in property taxes and a bit more for water after the city finalized its budget for the next fiscal year, increasing the total general fund by 7.5%.

Property Tax Calculators by County

Still, you may owe other taxes, and you may be eligible for other tax benefits, depending on your situation. Another way to invest in real estate is through real estate investment trusts (REITs). These are specialized companies that let individuals pool their funds to invest in a collection of properties or other real estate assets. Another type of tax that homeowners and investors might owe is capital gains tax. You trigger this tax if the proceeds from selling your property are greater than its cost basis.

Where the city spends its money

CLTs can also be used to discreetly transfer wealth while being publicly philanthropic. Therefore, your property tax liability depends on where you live and the value of your property. There are plenty of reasons to buy a home in Suffolk County, which sits at the eastern end of Long Island – but low property taxes is not one of them. The typical Suffolk County homeowner pays $10,000 annually in property taxes. That is due, in part, to high home values, as the median value in the county is $413,900.

Rather than taking one huge deduction when you acquire the property, you depreciate the costs across the “useful Real Estate Taxes life” of the property. Visit Municipal Profiles and search for your county, town, city, or village.

Rates are recalculated each year based on the total value of real estate in a tax district (the tax base) and the amount of revenue the tax authority needs. Increases in property taxes are limited in most districts to the lower of 2% or the rate of inflation, so rates don’t change much year-to-year. However, that cap can be overridden by a 60% vote of a local government board or the voters in a district. Tax rates in New York State are applied to the assessed value of your home.

“We understand the importance of providing time for property owners to review their assessments and file protests accordingly,” said TAD Chief Appraiser Joe Don Bobbit in a statement. “The online protest tool has been effective, with several hundred individuals successfully negotiating their property values already.” Gates’ highest property tax bill is in Washington state, where he has a 10.5-acre property in the tony Seattle suburb of Medina along Lake Washington. He spent $34 million buying the 12 parcels of and around his mansion, known as Xanadu 2.0, and together, they have an assessed value of $183.5 million. Last year, the property taxes on the properties added up to $1.3 million.