Property Taxes Climb 3.6 Percent Across U.S. to $339.8 Billion

A new article from a real estate information company states that in 2022, property taxes levied on single-family homes in the US will rise by 3.6 cents to$ 339.8 billion.

That is an increase from$ 328 billion in 2021. According to a report from building content provider ATTOM, the increase in 2022 was more than twice as much as the development of 2021’s’s 1.6 percent, but it was less than the 5.4 percent growth in 2020.

The article also demonstrates that after rising by 1.8 percent in 2021, the total tax on single-family homes in the US increased by 3 percent to$ 3,901. The most recent total tax yielded a 0.83 percent effective tax rate across the board. From 0.86 cents in 2021 to the lowest position since at least 2016, that percentage was significantly lower. According to the state,” effective prices continued to decline even as net income rose because home values increased more quickly than taxes.”

” Property taxes continued to rise steadily last year, with wide disparities extending from one region of the nation to another due to varying rates, services, and tax outposts.” However, overall, the most recent nationwide improve was reasonable, according to Rob Barber, chief executive officer at ATTOM. Given rising inflation rates and an increasing number of commercial properties that may be eligible for tax cuts following a spike in openings during the pandemic, national governments and school programs will have an even harder time controlling fees this year.

New Jersey, Illinois, Connecticut, Vermont, and Nebraska all had the highest reliable property tax prices, respectively. Pennsylvania made up the top 10 with a percentage of 1.29 percent, New Hampshire (. 28 percent ), Ohio( 1.27 %), New York ( 1.26 %), and Iowa( 2.25 %).

At the other end, the lowest effective property tax rates in 2022 are in Hawaii( 0.30 percent ), Alabama( 0.37 %), Arizona( 0.039 %), Colorado( 0.40 %), and Tennessee( 0.24 %).

State-by-state average property taxes ranged greatly, from a peak of$ 9, 527 in New Jersey to an all-time low of$ 928 in West Virginia. According to the report, the total tax on single-family homes in the US rose 3 percent to$ 3,901 in 2022.

There are still significant gaps in total tax bills across the United States, according to Barber. These differences are closely related to variations in local government and educational services, wages for public employees, economies of scale between large and small towns, and the quantity of commercial properties that contribute to the local tax burden. The gaps can significantly affect how easy or difficult it is to buy a house, depending on what potential buyers want and the school system in that community.

authored by Brett Rowland