(FOX BUSINESS) – Americans are pouring out of cities with high property taxes and relocating to places like Tennessee in search of lower rates as they try to reduce hidden costs of homeownership.
That’s according to a new analysis published by Laffer Associates and the Committee to Unleash Prosperity, which found that a growing number of people are leaving Ohio, Illinois and western Pennsylvania in favor of states like Tennessee, where the average property tax rate is just 0.6%.
During the seven-year period from 2013 to 2020, the population in the Cleveland area tumbled by 1.2% and in Chicago by 0.8%.
