In a press release published by ATTOM Data Solutions, its curated analysis of more than 86 million U.S. single family homes, shows that property taxes levied on single family homes in 2017 totaled $293.4 billion, up 6 percent from $277.7 billion in 2016 and an average of $3,399 per home — an effective tax rate of 1.17 percent.
New Jersey Has the Highest Property Taxes
New Jersey held the top spot for the highest property taxes paid in the nation. The homeowners of New Jersey paid a record average of $8,690 in 2017. This represents a 1.6 percent increase, according to figures released by the community affairs department. The rate is down from 2.3 percent a year earlier and was constrained by Atlantic City, which overhauled property taxes stemming from the loss of casino revenues. The amount paid represents an increase in school costs, accounting for more than 50 percent of the 2017 increase. Increases also came from the counties costs, which were the second biggest driver.
Governor Chris Christie provided for a 2 percent cap on annual property-tax increases, excluding coverage for debt payments and other liabilities.
Fast Facts
■ Average Property Tax Was $3,399, Up 3 Percent and Effective Tax Rate of 1.17 Percent;
■ Highest Effective Tax Rates in New Jersey, Illinois, Vermont, Texas, New Hampshire;
■ New Jersey (2.28 percent), Illinois (2.22 percent), Vermont (2.19 percent), Texas (2.15 percent), and New Hampshire (2.06 percent).
The top ten states also included: Pennsylvania (2.02 percent), Connecticut (1.99 percent), New York (1.92 percent), Ohio (1.72 percent), and Wisconsin (1.67 percent).
The press release stated, “Among 217 metropolitan statistical areas analyzed in the report with a population of at least 200,000, those with the highest effective property tax rates were Scranton, Pennsylvania (3.93 percent); Binghamton, New York (3.14 percent); Rockford, Illinois (3.03 percent); Rochester, New York (2.93 percent); and El Paso, Texas (2.63 percent). Property taxes increase faster than national average in 58 percent of markets.”
Among the 217 metro areas analyzed for the report, those with the lowest effective property tax rates were Honolulu (0.33 percent); Montgomery, Alabama (0.36 percent); Tuscaloosa, Alabama (0.41 percent); Colorado Springs, Colorado (0.42 percent); and Greeley, Colorado (0.45 percent).
Most Taxes on Single Family Home Counties
Westchester County, New York ($17,179)
Rockland County, New York ($12,924)
Essex County, New Jersey ($11,878)
Bergen County, New Jersey ($11,585)
Nassau County, New York ($11,415)