Apr 15

Property Taxes Rising at Slower Pace

Property Taxes Rising at Slower Pace

The average property tax on a single-family home in 2021 rose at the smallest pace in five years. Taxes rose by 1.8% last year, from $3,719 in 2020 to $3,785 in 2021 nationwide, according to a new report from ATTOM Data Solutions, a real estate data firm.

“It’s hardly a surprise that property taxes increased in 2021, a year when home prices across the country rose by 16%,” says Rick Sharga, executive vice president of market intelligence at ATTOM. “In fact, the real surprise is that 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.”

The report shows that effective rates dropped last year even as total taxes went up, as home values increased significantly faster than taxes nationwide. Source: ATTOM Data Solutions

©National Association of REALTORS®
Reprinted with permission

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