ATTOM Data Solutions has just released its 2017 property tax analysis for more than 86m US single family homes, which shows that property taxes levied in 2017 totalled $293.4bn, up 6% from $277.7bn in 2016 and an average of $3,399 per home - an effective annual property tax rate of 1.17%.
The average property taxes of $3,399 for a single family home in 2017 was up 3% from the average property tax of $3,296 in 2016, and the effective property tax rate of 1.17% in 2017 was up from the effective property tax rate of 1.15% in 2016.
The report analysed property tax data collected from county tax assessor offices nationwide at the state level along with estimated market values of single family homes calculated using an automated valuation model (AVM).
The states with the highest effective property tax rates were New Jersey (2.28%), Illinois (2.22%), Vermont (2.19%), Texas (2.15%), and New Hampshire (2.06%).
States with the lowest effective property tax rates were Hawaii (0.34%); Alabama (0.49%); Colorado (0.51%); Tennessee (0.56%); and West Virginia (0.57%).
This means that the difference paid in annual property tax over a 10 year period, between property owners in New Jersey and property owners in Hawaii, would amount to almost 20% of the property’s value.