According to Attom Data Solutions, average property taxes on a single-family home in the U.S. increased three percent in 2018, or $3,498. A new study finds 12 markets with the biggest property tax spikes in the nation.
Attom's chief product officer Todd Teta tells National Mortgage News that property tax increases in these markets may be occurring due to local home price appreciation, or municipalities raising tax rates to keep revenue robust. "While many states across the country have imposed caps on how much taxes can go up, which probably contributed to a slower increase in 2018 versus 2017, there are still many factors at play that can contribute to local property tax hikes; and without major changes in the way a community runs public services, tax rates must rise to pay for them," Teta said in a press release.
The data, derived from Attom, is ranked by greatest year-over-year gains in average property tax values from 2017 to 2018, with ties broken by largest local tax amount. Attom analyzed property tax values for single-family homes across 219 metropolitan areas.