A report issued by ATTOM Data Solutions indicates how 2016 property taxes for 84 million U.S. single-family homes, totaled more than $277 billion. Averaging $3,296 per property taxed levied home with an effective tax rate of 1.15 percent.
Top 10 Highest Property Tax Rate by State
The top five highest property tax rates by state are: New Jersey at 2.31 percent, Illinois at 2.13 percent, Texas at 2.06 percent, New Hampshire at 2.03 percent and Vermont at 2.02 percent.
The last five in the top ten highest property tax rates by state are: Connecticut at 2 percent, Pennsylvania at 1.89 percent, New York at 1.88 percent, Ohio at 1.68 percent and Rhode Island at 1.64 percent.
Highest Metropolitan Area Property Tax Rates
There were 217 metropolitan areas statistically analyzed with a minimum population of 200,000. Metro areas with the highest property tax rates are: Binghamton, New York at 3.10 percent; Rochester, New York at 2.99 percent; Rockford, Illinois at 2.96 percent; Atlantic City, New Jersey at 2.77 percent; and Syracuse, New York at 2.67 percent.
10 States with the Lowest Property Tax Rate
The lowest five property tax rates by state are: Hawaii at 0.32 percent, Alabama at 0.48 percent, Colorado at 0.52 percent, Tennessee at 0.54 percent and Delaware at 0.56 percent.
The next five lowest property tax rates by state are: West Virginia at 0.57 percent, South Carolina at 0.63 percent, Nevada at 0.64 percent, Utah at 0.65 percent and Arkansas at 0.67 percent.
Lowest Metropolitan Area Property Tax Rates
217 metropolitan areas analyzed with the lowest property tax rates were: Honolulu at 0.32 percent, Montgomery, Alabama at 0.35 percent; Tuscaloosa, Alabama at 0.36 percent; Florence, South Carolina at 0.44 percent; and Colorado Springs, Colorado at 0.44 percent.
Counties with $10,000+ Average Annual Property Taxes
A minimum of 10,000 single-family homes with a county population of at least 100,000, 586 counties were analyzed and found that nine of those counties average annual property taxes were over $10,000. These nine counties are: Westchester, Rockland, and Nassau counties New York; Essex, Bergen, Union and Morris counties New Jersey; Marin County, California; and Fairfield County, Connecticut.
Another 32 counties averaged $7,000 in annual property taxes. These counties are found in the states of Illinois, Texas, Virginia, and Massachusetts.
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Property Taxed Owner-Occupied Properties Versus Investment Properties
Investment properties, non-owner occupied, shows a lower property and effective tax rate when compared to owner-occupied properties. The average annual property tax for owner-occupied SF homes is $3,658 with the effective tax rate of 1.21 percent. The average for non-owner occupied investment properties is $2,437 equating to an effective rate of 1.03 percent.
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To read full report click here.
About the Author
ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
ATTOM Data Solutions also powers consumer websites designed to promote real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities information; HomeDisclosure.com produces detailed property pre-diligence reports.
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