Homeowners Facing The Biggest Property Tax Hikes In 4 Years – This Is Where Homeowners Pay The Most

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State and local governments have faced a cash shortage as a result of the COVID-19 pandemic. And they’re passing that pain on to homeowners in the form of higher property taxes, according to a new report. A new analysis by real estate data company Attom Data Solutions found that Americans who owned single-family homes paid $ 323 billion in property taxes in 2020, up from 5% since 2019. The average property tax across the country was $ 3,719 for a single-family home in 2020, 4.4% more than the previous year.

While the effective tax rate fell slightly between 2019 and 2020, Americans were hit overall last year with the largest average property tax increase in four years, Attom’s chief product office said in the report. Data Solution, Todd Teta. He called it “a sign that the cost of running local governments and public school systems rose far beyond the rate of inflation.” Property taxes rose faster than average in 55% of the 220 metropolitan areas Attom studied for his report. Many of these counties included popular real estate markets in the Sun Belt. Among the areas that saw the most notable increases in average property taxes were Salt Lake City (up 11.4%), San Francisco (up 11.1%), Seattle (up 10.3%) and Atlanta (up 10.2%). Other cities that saw property taxes increase more than 10% between 2019 and 2020 were San Jose, California, San Diego, and Tampa, Florida.

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The states where property tax rates are the highest did not change, despite the general increase in property taxes across the country. New Jersey had the highest effective tax rate at 2.2%, followed by Illinois (2.18%), Texas (2.15%), Vermont (1.97%), and Connecticut (1.92%). Hawaii had the lowest rate in the country at 0.37%, followed by Alabama at 0.44%. There were 16 counties across the country where homeowners paid more than $ 10,000 in property taxes last year on average. Twelve of these counties were located in the New York City metropolitan area.