Single Family Property Taxes in U.S. Jump 5.4 Percent in 2020 - World Property Journal

Email Sign Up For Our Free Weekly NewsletterThat is more than $323 billion of added property taxes nationwideAccording to ATTOM Data Solutions 2020 property tax analysis for almost 87 million U.S. single family homes; over $323 billion in property taxes were levied on single-family homes in 2020, up 5.4 percent from $306.4 billion in 2019.

The average property tax of $3,719 for a single-family home in 2020 was up 4.4 percent from $3,561 in 2019 while the effective property tax rate of 1.1 percent in 2020 was down slightly from 1.14 percent in 2019.

New Jersey, Illinois, Texas, Vermont, Connecticut again post highest property tax ratesStates 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 percent) and Connecticut (1.92 percent).

Average tax more than 10 times higher in most expensive state versus least expensiveNew Jersey had the highest average property tax on single-family homes, $9,196.

Property taxes increase faster than national average in 55 percent of marketsAmong the 220 metropolitan statistical areas analyzed in the report, 120 (55 percent) posted an increase in average property taxes from 2019 to 2020 that was above the national figure of 4.41 percent.

Published On: Fri, 09 Apr 2021 14:08:00 GMT