Home prices skyrocketed last year and, as expected, property taxes have followed.
Highlights
- The average property tax on a single-family home rose by 1.8% last year to $3,785.
- That has resulted in an effective tax rate of 0.9%, down from 1.1% in 2020.
- But this small silver lining in the housing market may not last long, a real estate data company says.
- “Tax assessments are lagging behind rising property values, and will likely continue to go up in 2022,” a market intelligence expert says.
- It’s hardly a surprise that property taxes increased in 2021, a year when home prices across the country rose by 16%, he says.Read more from ATTOM.