Why do property taxes vary so much from neighborhood to neighborhood?

When you're looking to purchase a home, it's important to know what the property taxes will be. You want to make sure you can afford them, but also that they won't wildly increase over time. Property taxes are calculated based on how much your home is worth, and how much you pay for it—so if you buy a $1 million house, your property taxes will be higher than if you buy a $100,000 house.

But why do property taxes vary so much from neighborhood to neighborhood? Don't we all pay the same amount? Well… kind of.

Property taxes are usually calculated using a similar formula: the value of your home multiplied by your tax rate. But there are other factors that affect how much you'll end up paying in taxes every year. For example: schools! If many kids live in your area and attend public schools, then those schools might have higher funding needs than other locales with fewer students—and those needs would be reflected in higher property tax rates for those neighborhoods.

Other factors can also affect how high your property tax rate is—like if there are historic buildings or landmarks in your area that need extra protection from development (and thus require extra money).

https://www.youtube.com/watch?list=PL5YJ45sjwwyjWQRfScap-mmBmS_Luk7rE&v=KXwnpyQQ6v8