U.S. Among World’s Lowest In Luxury Property Taxes!
A study of 26 countries has found that the U.S. levies one of the lowest property purchase taxes in the world. With an average 0.6% in taxes, or $6,000, for properties of $1 million, U.S. property taxes are below one-fifth the global average of 3.3%, or $33,038.
European countries rank the highest in the study conducted by UHY LLP, a London-based network of independent certified accountants. Belgium has the highest taxes on properties of $1 million with 11.3%, translating to $113,131. On the other hand, New Zealand's lack of local or federal transaction taxes on real estate ranks it at the bottom of the study with 0.0%.
Dennis Petri of UHY Advisors note that low property taxes encourage relocation of senior executives and overseas investment from high-net-worth individuals while high property taxes put a strain on job creation, business investment and on the wider economy.
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