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| Todd Teta |
IRVINE, CA — ATTOM Data Solutions, curator of the nation’s
premier property database and first property data provider of
Data-as-a-Service (DaaS), released its 2018 property tax analysis for more than
87 million U.S. single family homes, which shows that property taxes levied on
single family homes in 2018 totaled $304.6 billion, up 4 percent from $293.4
billion in 2017 and an average of $3,498 per home — an effective tax rate of
1.16 percent.
The average property taxes of $3,498 for a single-family
home in 2018 was up 3 percent from the average property tax of $3,399 in 2017,
and the effective property tax rate of 1.16 percent in 2018 was down from the
effective property tax rate of 1.17 percent in 2017.
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.
“Property taxes levied on homeowners rose again in 2018
across most of the country,” said Todd Teta, chief product officer for
ATTOM Data Solutions.
“While many states
across the country have imposed caps on how much taxes can go up, which
probably contributed to a slower increase in 2018 versus 2017.
"There are still many factors at play that can
contribute to local property tax hikes, and without major changes in the way a
community runs public services, tax rates must rise to pay for them."
New Jersey, Illinois, Texas, Vermont, Connecticut post
highest property tax rates
States with the highest effective property tax rates were
New Jersey (2.25 percent), Illinois (2.22 percent), Texas (2.18 percent),
Vermont (2.16 percent), and Connecticut (2.02 percent).
Other states in the top 10 for highest effective property
tax rates were New Hampshire (1.99 percent), New York (1.86 percent),
Pennsylvania (1.79 percent), Ohio (1.69 percent), and Wisconsin (1.58 percent).
Among 219 metropolitan statistical areas analyzed in the
report with a population of at least 200,000, those with the highest effective
property tax rates were Binghamton, New York (3.19 percent); Syracuse, New York
(2.89 percent); Rochester, New York (2.88 percent); Rockford, Illinois (2.83
percent); and Atlantic City, New Jersey (2.74 percent).
Property taxes increase faster than national average in
58 percent of markets
Out of the 219 metropolitan statistical areas analyzed in
the report, 120 (55 percent) posted an increase in average property taxes above
the national average of 3 percent, including Los Angeles (5 percent increase),
Dallas-Fort Worth (8 percent increase), Washington D.C. (4 percent increase),
Atlanta (7 percent increase), and San Francisco (7 percent increase).
Other major markets posting an increase in average property
taxes that was above the national average were Riverside-San Bernardino (up 5
percent), Seattle (up 14 percent), Minneapolis (up 6 percent), San Diego (up 5
percent), and Tampa (up 4 percent).
Hawaii, Alabama, Colorado, Nevada, Utah post lowest
property tax rates
States with the lowest effective property tax rates were
Hawaii (0.37 percent), Alabama (0.48 percent), Colorado (0.51 percent), Nevada
(0.57 percent), and Utah (0.57 percent).
Other states in the top 10 for lowest effective property tax
rates were West Virginia (0.58 percent), Delaware (0.61 percent), Arizona (0.64
percent), Tennessee (0.65 percent), and Wyoming (0.66 percent).
Among the 219 metro areas analyzed for the report, those
with the lowest effective property tax rates were Laredo, Texas (0.35 percent);
Honolulu (0.36 percent); Montgomery, Alabama (0.37 percent); Tuscaloosa,
Alabama (0.39 percent); and Colorado Springs, Colorado (0.42 percent).
9 counties with average annual property taxes of more
than $10,000
Among 1,408 U.S. counties with at least 10,000 single family
homes, those with the highest average property taxes on single-family homes
were largely located in the greater New York metro area, led by Westchester
County, New York ($17,392); Rockland County, New York ($12,925); Marin County,
California ($12,242); Essex County, New Jersey ($12,161); and Bergen County,
New Jersey ($11,771).
CONTACTS:
Christine Stricker
949.748.8428
Data and Report Licensing:
949.502.8313
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