The common property tax for a single-family house was $3,719, up 4.4% from $3,561 in 2019.
“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,” stated Todd Teta, chief product officer for ATTOM Data Solutions. “The increase was twice what it was in 2019.”
To decide the property tax estimates, the report checked out property tax information collected from county tax assessor places of work nationwide on the state, metropolis and county ranges, together with estimated market values of single-family properties.
Because property tax charges fluctuate so extensively, a standard strategy to evaluate tax charges is to take a look at the efficient tax fee. An efficient tax fee seems at how a lot a home-owner pays in taxes in comparison with the worth of their house. Across the US, the report discovered that the efficient property tax fee — an estimate of the typical proportion of a property’s worth that’s paid yearly in taxes — was 1.1% in 2020, down barely from 1.14% in 2019.
States with the best efficient property tax charges in 2020 have been New Jersey at 2.2%, adopted by Illinois at 2.18%, Texas at 2.15%, Vermont at 1.97% and Connecticut at 1.92%. The different 5 states within the prime ten included New Hampshire, New York, Pennsylvania, Ohio and Nebraska.
States with the bottom efficient property tax charges final 12 months have been Hawaii at 0.37%, Alabama at 0.44%, West Virginia at 0.51%, Colorado at 0.54% and Utah at 0.54%.
New Jersey was additionally the state with the best common property tax on a single-family house, at $9,196. That was greater than ten instances increased than the typical tax in Alabama, which had the bottom common property tax at $841.
More than half of the cities that the report checked out confirmed property tax charges growing sooner than the nationwide common. Those with the quickest will increase included Salt Lake City, up 11.4%; San Francisco, up 11.1%; San Jose, up 10.8%; Seattle, up 10.3% and Atlanta, up 10.2%.
But the area with the best efficient tax charges in its cities is the Northeast, the place 12 of the highest 20 quickest charges have been positioned.
There have been 16 counties that had common annual property taxes of greater than $10,000, together with 12 within the New York City space.
The prime 5 have been Rockland County, New York, at $13,931; Marin County, California, at $13,257; Essex County, New Jersey, at $12,698; Nassau County, New York, at $12,386 and Bergen County, New Jersey, at $12,348.