Skip to main content

U.S. Property Taxes on Single-Family Homes Increases to More Than $306 Billion

NationalMortgageProfessional.com
Apr 14, 2020
A model house model is placed on wood word TAX . as background property real estate concept with copy space for your text or design (Photo credit: Getty Images/supawat bursuk)

ATTOM Data Solutions has released its 2019 property tax analysis for more than 86 million U.S. single family homes, which shows that property taxes levied on single family homes in 2019 totaled $306.4 billion, up one percent from $304.6 billion in 2018 and an average tax amount of $3,561 per home—an effective tax rate of 1.14 percent.
 
The average property taxes of $3,561 for a single-family home in 2019 was up two percent from the average property tax of $3,498 in 2018, and the effective property tax rate of 1.14 percent in 2019 was down from the effective property tax rate of 1.16 percent in 2018.
 
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 2019 across most of the country. But the nationwide increase was the smallest in the last three years, a sign that cities, towns and counties are taking stronger steps to clamp down on how much they hit up property owners to support schools and local government services.” said Todd Teta, chief product officer for ATTOM Data Solutions. “Without major changes in the way local government and educational systems are funded, demands for good schools and other services will continue to put upward pressure on property taxes. But on balance, 2019 was a relatively mild year for taxpayers around the nation.”
 
States with the highest effective property tax rates were Illinois (2.22 percent), New Jersey (2.19 percent), Texas (2.11 percent), Vermont (2.11 percent), and Connecticut (2.04 percent). Other states in the top 10 for highest effective property tax rates were New Hampshire (1.93 percent), New York (1.87 percent), Pennsylvania (1.75 percent), Ohio (1.68 percent), and Nebraska (1.57 percent).

 
Supreme Court Gives Biden Full Control Over Federal Housing Finance Agency

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021