IRVINE, Calif., April 8, 2021 /PRNewswire/ -- ATTOM
Data Solutions, curator of the nation's premier property database,
today released its 2020 property tax analysis for almost 87 million
U.S. single family homes, which shows that $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 tax on
single-family homes in the U.S. 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 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.
View 2020 Property Taxes by County Heat Map
The report analyzed property tax data collected from county tax
assessor offices nationwide at the state, metro and county levels
along with estimated market values of single-family homes
calculated using an automated valuation model (AVM). The effective
tax rate was the average annual property tax expressed as a
percentage of the average estimated market value of homes in each
geographic area.
"Homeowners across the United
States in 2020 got hit with the largest average property tax
hike in the last four years, a sign that the cost of running local
governments and public school systems rose well past the rate of
inflation. The increase was twice what it was in 2019," said
Todd Teta, chief product officer for
ATTOM Data Solutions. "Fortunately for recent home buyers, they
have mortgages with super-low interest rates that somewhat contain
the cost of home ownership. But the latest tax numbers speak loud
and clear about the continuing pressure on both recent and longtime
homeowners to support the rising cost of public services."
New Jersey, Illinois,
Texas, Vermont, Connecticut again post 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 percent) and Connecticut (1.92 percent).
Other states in the top 10 for highest effective property tax
rates also were the same as in 2019: New
Hampshire (1.86 percent), New
York (1.68 percent), Pennsylvania (1.64 percent), Ohio (1.62 percent) and Nebraska (1.53 percent).
Hawaii, Alabama, West
Virginia, Colorado and
Utah post lowest property tax
rates
The lowest effective tax rates in 2020 were in
Hawaii (0.37 percent),
Alabama (0.44 percent),
West Virginia (0.51 percent),
Colorado (0.54 percent) and
Utah (0.54 percent).
Other states in the top 10 for lowest effective property tax
rates were Tennessee (0.59
percent), Nevada (0.6 percent),
Idaho (0.61 percent), Arizona (0.62 percent) and Wyoming (0.63 percent).
Average tax more than 10 times higher in most expensive state
versus least expensive
New
Jersey had the highest average property tax on single-family
homes, $9,196. That was more than 10
times over than the average tax of $841 in Alabama,
the state with the lowest average levy.
Others states in the top five were Connecticut ($7,395), New
York ($6,628), New Hampshire ($6,596) and Massachusetts ($6,514).
Others in the bottom five were West
Virginia ($849), Arkansas ($1,147), Tennessee ($1,202) and Mississippi ($1,241).
Northeast metro areas have highest effective tax
rates
Among 220 metropolitan statistical areas around the
country with a population of at least 200,000 in 2020, 12 of the
top 20 effective tax rates were in the Northeast.
Those with the highest effective property tax rates in 2020 were
Syracuse, NY (2.83 percent);
Trenton, NJ (2.69 percent);
Binghamton, NY (2.67 percent);
El Paso, TX (2.66 percent) and
Rockford, IL (2.62 percent).
The highest rates among metro areas with a population of at
least 1 million 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, TX (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 percent) and Colorado
Springs, CO (0.42 percent).
The lowest rates among metro areas with a population of at least
1 million 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 increase faster than national average in 55
percent of markets
Among 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. They included Salt Lake City, UT (up 11.4 percent);
San Francisco, CA (up 11.1
percent); San Jose, CA (up 10.8
percent); Seattle, WA (up 10.3
percent) and Atlanta, GA (up 10.2
percent).
Other major markets posting an increase in average property
taxes that was above the national average included San Diego, CA (up 10.2 percent); Tampa, FL (up 10 percent); Denver, CO (up 9.9 percent);
Raleigh, NC (up 9.7 percent) and
Columbus, OH (up 9.1 percent).
Sixteen counties with average annual property taxes of more
than $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 metro
area. The top five were Rockland County,
NY ($13,931); Marin County, CA (outside San Francisco) ($13,257); Essex
County, NJ ($12,698);
Nassau County, NY ($12,386) and Bergen
County, NJ ($12,348).
About ATTOM Data Solutions
ATTOM Data
Solutions provides premium property data to power
products that improve transparency, innovation, efficiency and
disruption in a data-driven economy. ATTOM multi-sources property
tax, deed, mortgage, foreclosure, environmental risk, natural
hazard, and neighborhood data for more than 155 million U.S.
residential and commercial properties covering 99 percent of the
nation'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 with a
persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse
fuels innovation in many industries including mortgage, real
estate, insurance, marketing, government and more through flexible
data delivery solutions that include bulk file licenses, property
data APIs, real estate market trends, marketing lists, match
& append and introducing the first property data delivery
solution, a cloud-based data platform that streamlines data
management – Data-as-a-Service (DaaS).
Media Contact:
Christine
Stricker
949.748.8428
christine.stricker@attomdata.com
Data and Report Licensing:
949.502.8313
datareports@attomdata.com
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SOURCE ATTOM Data Solutions