IRVINE, California, April 8, 2021 / PRNewswire / – ATTOM Data Solutions, curator of the nation’s premier real estate database, today released its 2020 property tax analysis for nearly 87 million single-family homes in the United States, showing that $ 323 billion property taxes were levied on single-family homes in 2020, up 5.4% from $ 306.4 billion in 2019. The average tax on single-family homes in the United States in 2020 was $ 3, 719 – resulting in an effective tax rate of 1.1 percent.
The average property tax of $ 3,719 for a single-family home in 2020 was up 4.4% from $ 3,561 in 2019, while the effective property tax rate of 1.1% in 2020 was slightly down from 1.14% in 2019.
See the map of 2020 property taxes by county
The report analyzed property tax data collected from county tax assessors offices across the country at the state, metropolitan and county levels, as well as estimated market values of single-family homes calculated at the using an Automated Assessment Model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the estimated average market value of homes in each geographic area.
“Owners everywhere United States in 2020, was hit by the largest average increase in property taxes over the past four years, a sign that the cost of running local governments and public school systems has far exceeded the rate of inflation. The increase was double what it was in 2019, ”said Todd Teta, product manager for ATTOM Data Solutions. “Fortunately for recent homebuyers, they have mortgages with extremely low interest rates that somewhat contain the cost of ownership. But the latest tax figures speak loudly about the continued pressure on recent homeowners and long-standing to bear the rising cost of property. utilities. “
New Jersey, Illinois, Texas, Vermont, Connecticut once again have the highest property tax rates
States with the highest effective property tax rates in 2020 remained New Jersey (2.2 percent), Illinois (2.18 percent), Texas (2.15 percent), Vermont (1.97%) and Connecticut (1.92 percent).
The other states in the top 10 with the highest effective property tax rates were also the same as in 2019: New Hampshire (1.86 percent), new York (1.68 percent), Pennsylvania (1.64 percent), Ohio (1.62%) and Nebraska (1.53 percent).
Hawaii, Alabama, West Virginia, Colorado and Utah display the lowest property tax rates
The lowest effective tax rates in 2020 were in Hawaii (0.37%), Alabama (0.44 percent), West Virginia (0.51 percent), Colorado (0.54 percent) and Utah (0.54 percent).
The other states in the top 10 lowest effective property tax rates were Tennessee (0.59 percent), Nevada (0.6%), Idaho (0.61%), Arizona (0.62%) and Wyoming (0.63%).
Average tax more than 10 times higher in the most expensive state compared to the cheapest
New Jersey had the highest average property tax on single-family homes, $ 9,196. This was more than 10 times the average tax of $ 841 in Alabama, the state with the lowest average levy.
Other states in the top five were Connecticut ($ 7,395), new York ($ 6,628), New Hampshire ($ 6,596) and Massachusetts ($ 6,514).
Others in the last five were West Virginia ($ 849), Arkansas ($ 1,147), Tennessee ($ 1,202) and Mississippi ($ 1,241).
Northeastern metropolitan areas have the highest effective tax rates
Of the country’s 220 metropolitan statistical areas with at least 200,000 inhabitants in 2020, 12 of the 20 highest effective tax rates were in the northeast.
Those with the highest effective property tax rates in 2020 were Syracuse, New York State (2.83 percent); Trenton, NJ (2.69 percent); Binghamton, New York (2.67 percent); El Paso, Texas (2.66 percent) and Rockford, IL (2.62 percent).
The highest rates among metropolitan areas with at least 1 million inhabitants in 2020 were in Rochester, NY (2.46 percent); Houston, TX (2.44 percent); Hartford, CT (2.18 percent); Chicago, IL (2.15 percent) and Dallas, Texas (2.13 percent).
The lowest rates in 2020 were in Honolulu, HI (0.36 percent); Daphne–Fairhope, AL (0.37 percent); Montgomery, AL (0.38 percent); Tuscaloosa, AL (0.39%) and Colorado Springs, Colorado (0.42 percent).
The lowest rates among metropolitan areas with at least 1 million inhabitants in 2020 were in Nashville TN (0.53 percent); Salt Lake City, UT (0.58 percent); Birmingham, AL (0.58 percent); Phoenix, AZ (0.58 percent) and Denver, CO (0.6 percent).
Property taxes are rising faster than the national average in 55% of markets
Of the 220 metropolitan statistical regions analyzed in the report, 120 (55%) posted an increase in average property taxes from 2019 to 2020 that was higher than the national figure of 4.41%. They included Salt Lake City, UT (up 11.4 percent); San Francisco, California (up 11.1 percent); San jose, california (up 10.8 percent); Seattle, WA (up 10.3%) and Atlanta, Georgia (up 10.2%).
Other major markets with an increase in average property taxes above the national average included San Diego, California (up 10.2 percent); Tampa, Florida (up to 10 percent); Denver, CO (up 9.9%); Raleigh, North Carolina (up 9.7%) and Columbus, OH (up 9.1%).
Sixteen counties with average annual property taxes of over $ 10,000
Among 1,453 U.S. counties with at least 10,000 single-family homes in 2020 and sufficient data to analyze, 16 had an average single-family home tax of more than $ 10,000, including 12 in the New York City subway station. The first five were Rockland County, NY ($ 13,931); Marin County, California (outside San Francisco) ($ 13,257); Essex County, NJ ($ 12,698); Nassau County, NY ($ 12,386) and Bergen County, NJ ($ 12,348).
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ATTOM Data Solutions delivers premium real estate data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM’s multi-source property tax, deed, mortgage, foreclosure, environmental risk, natural hazard and neighborhood data for over 155 million residential and commercial properties in the United States covering 99% of the country’s population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record a persistent and unique ID – the ATTOM ID. The 20TB ATTOM data warehouse fuels innovation across multiple industries including mortgage, real estate, insurance, marketing, government and more with flexible data delivery solutions that include Bulk File Licenses, Real Estate Data APIs, Real Estate Market Trends, Marketing Lists, Matches and Additions and Introduction of the First Property Data Delivery Solution, a Data Based Platform on the cloud that streamlines data management – Data-as-a-Service (DaaS).
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