Property Taxes Climb 3.6 Percent Across US to $339.8 Billion
Property taxes levied on single-family homes in the United States increased 3.6 percent to $339.8 billion in 2022, according to a new report from a real estate data firm.
That’s up from $328 billion in 2021. The 2022 increase was more than double the 1.6 percent growth in 2021, but smaller than the 5.4 percent increase in 2020, according to the report from ATTOM, a property data provider.
The report also shows that the average tax on single-family homes in the United States increased 3 percent in 2022, to $3,901, after rising 1.8 percent in 2021. The latest average tax resulted in an effective tax rate nationwide of 0.83 percent. That was down slightly from 0.86 percent in 2021 to the lowest point since at least 2016. The “effective rates continued to decline even as total taxes rose because home values went up faster than taxes,” according to the report….