The average property tax on single-family homes increased just +1.8% y/y to $3,719 in 2021.

Average Property Tax Increased at Smallest Pace in 5 Years

The latest property tax analysis from ATTOM indicated that $328B in property taxes were levied on almost 87M US single-family homes in 2021.

This levied amount of $328B in 2021 was up just +1.6% from the $323B levied in 2020, the second smallest increase over the past five years.

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Meanwhile, the average tax on single-family homes rose just +1.8% from $3,719 in 2020 to $3,785 in 2021, the smallest pace in five years.  Essentially, the effective tax rate was just +0.9% in 2021, down from 1.1% in 2020.

According to Rick Sharga, ATTOM’s executive vice president of market intelligence, “It’s hardly a surprise that property taxes increased in 2021, a year when home prices across the country rose by +16%.  In fact, the real surprise is that the tax increases weren’t higher, which suggests that tax assessments are lagging behind rising property values, and will likely continue to go up in 2022,”

Larger Tax Gains Seen in 74% of Metros Tracked

Even though the national increase in average property taxes increased just +1.8% in 2021, 74% of the 220 metro areas analyzed by ATTOM for this report saw larger taxes.

Metro areas with populations of at least 1M with the largest increases in average property taxes in 2021 included:

  • Nashville TN – +27%
  • Milwaukee WI – +18.6%^
  • Baltimore MD – +12.3%
  • Grand Rapids MI – +12.2%
  • Louisville KY – +11%

States with the highest effective property tax rates in 2021 included:

  • Illinois – 1.86%
  • New Jersey – 1.73%
  • Connecticut – 1.67%
  • Vermont 1.55%
  • Pennsylvania – 1.37%
  • Nebraska – 1.36%
  • New Hampshire – 1.35%
  • New York – 1.35%
  • Texas – 1.31%
  • Iowa – 1.31%

Northwestern and midwestern metro areas had the highest effective property tax rates in 2021.  These metros included:

  • Rochester NY – 2.22%
  • Rockford IL – 2.16%
  • Syracuse NY – 2.16%
  • Binghamton NY – 2.1%
  • Trenton NJ – 2.07%
  • Hartford CT – 1.98%
  • Chicago – 1.84%
  • Philadelphia PA – 1.6%
  • Cleveland OH – 1.56%

16 counties with at least 10,000 single-family homes in 2021 had average annual property taxes hit +$10,000.  The top five of those 16 counties topping annual property taxes of +$10,000 included:

  • KIngs County (Brooklyn) NY – $13,734
  • Marin County (outside San Francisco) CA – $13,719
  • Westchester County NY – $13,674
  • Essex County NJ – $13,116
  • Nassau County NY – $13,095

ATTOM’s Sharga reminded prospective homeowners that “…especially in some of the higher-priced markets across the country, property taxes can add thousands of dollars to annual ownership costs, and possibly be the difference between someone being able to afford a house or not.  It’s critically important for consumers to factor in taxes, insurance and maintenance when determining whether they’re ready for the financial responsibility of home ownership.”

States with Nation’s Largest Average Property Tax Levy

  • New Jersey – $9,476
  • Connecticut – $7,464
  • Massachusetts – $6,777
  • New Hampshire – $6,698
  • New York – $6,617

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