Property owners are facing some of the biggest property tax increase rates in four years.
(PRUnderground) May 6th, 2021
Several state and local government departments have been facing severe cash flow constraints as a result of the pandemic and this has caused them to pass the financial stress on to property owners by means of higher property taxes. A report that was recently released noted that homeowners could expect property tax rate increases of between 4% and 5% this year.
An analysis from the real estate data firm Attom Data Solutions noted that Americans who owned single-family dwellings paid approximately $320 billion in property taxes during 2020, which is an increase of 5% from the year before. This means that the amount being paid for property taxes during this time averaged at around $3,720 for single-family homes.
Although there was a slight decrease in the effective tax rate between 2019 and 2020, Americans were still faced with the biggest property tax increase in four years. Chief product officer of Attom, Todd Teta, called the situation “a sign that the cost of running local governments and public school systems rose well past the rate of inflation.”
In addition, property taxes increased a lot more than average in just over 50% of the 220 metro areas that Attom had studied before compiling its report.
A number of these areas included the more popular real estate markets in the Sun Belt and regions that experienced the largest increases in average property tax rates included Atlanta, Salt Lake City, San Francisco and Seattle. A few other cities that experienced tax rate increases of more than 10% between 2019 and 2020 included San Diego, San Jose and Tampa.
States where property taxes were already the highest experienced no change, regardless of the fact that there was an overall increase in property taxes around the country. New Jersey was found to have the highest effective property tax rate at around 2.2%, flowed closely by Illinois at just over 2.1%, Texas at 2.15%, Vermont at just under 2% and Connecticut at 1.92%. The lowest rates in the country were found in Hawaii at 0.37% and Alabama at a mere 0.44%.
Property owners in 16 other areas around the country also paid more than $10,000 in property taxes during 2020, and out of these, 12 are situated throughout the New York metro area.
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About the Company:
CCM Finance is a team of real estate investors and hard moneylenders that specialize in assisting investors with the funds they need to purchase properties. The company is situated at 7801 E. Bush Lake Road, Suite 430, Minneapolis and can be reached by filling out its website contact form, calling (612)-254-0025 during office hours or emailing email@example.com. For more information please visit https://ccm-finance.com.
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