In most markets, property taxes increased faster than the national average. The largest increase occurred in Nashville, where the average property tax surged 27%. Milwaukee was next with an 18.6% uptick in property taxes, followed by Baltimore.
In 2021, around $328 billion in property taxes were imposed on single-family homes across the country, according to a new report from real-estate analytics company Attom Data Solutions. Growth in property taxes decelerated last year, despite the run-up in property values, suggesting that bigger tax bills could be coming down the pike.
“It’s hardly a surprise that property taxes increased in 2021, a year when home prices across the country rose by 16%,” Rick Sharga, Attom’s executive vice president of market intelligence, said in the report. “In fact, the real surprise is that the tax increases weren’t higher, which suggests that tax assessments are lagging behind rising property values, and will likely continue to go up in 2022.
But in most markets, property taxes increased faster than the national average. The largest increase occurred in Nashville, where property taxes surged 27% on average. Milwaukee was next with an 18.6% uptick in property taxes, followed by Baltimore and Grand Rapids, Mich. At the state level, Illinois had the highest effective tax rate in the country at 1.86%, followed by New Jersey at 1.73%. Notably, New Jersey had the highest average property tax bill for single-family homes in the country at $9,476. Generally, metro areas in the Northeast and Midwest saw higher property-tax rates than the rest of the country.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's Who Can Claim the Home-Office Tax Deduction on Their 2021 Tax ReturnMillions of Americans began working remotely or from home during the coronavirus pandemic. But who is able to claim the home-office tax deduction?
Read more »
IRS offers free electronic filing, tax help before Tax DayThe IRS is encouraging many Americans to use its electronic system instead of using paid services.
Read more »
Tax Day 2022: How To Get A Bigger Tax RefundDon't miss these special tax breaks that are new or expanded and good for only 2021 tax year returns due on Monday, April 18, 2022 for most taxpayers.
Read more »
With record home prices, Dallas-Fort Worth property owners can count on a bigger tax biteAlong with hail and high winds, spring regularly brings another unwelcome event in North Texas – annual property tax appraisals. And with soaring home values,...
Read more »
Opinion | More Than $900 of Your Tax Dollars Went to Corporate Military Contractors'In 2020, the largest Pentagon contractor, Lockheed Martin, took in $75 billion from taxpayers—and paid its CEO more than $23 million.'
Read more »