New analysis of property tax data finds that Silicon Valley homeowners have had the biggest tax bill increase in the U.S. from 2007 to 2017.
Property taxes help fund local and state governments' funding of public schools, road maintenance, fire and police departments, and more. According to personal finance site ValuePenguin's data, the median increase for San Jose-Sunnyvale-Santa Clara homeowners was $2,625 in the time studied. The median tax bill total was $6,966, while the median home value in 2017 was $957,700. The average U.S. property tax bill grew $481 over the 10 years studied, CNBC reports.
Kingston, New York, where residents saw their taxes go up by a median $1,573 from 2007 to 2017, was the place with second-highest increase in property levies. The median tax bill there was $5,499 in 2017.
Santa Cruz-Watsonville, California, rounded out the top three, with a median property tax hike of $1,540 in that 10-year span. The median property tax bill there was $5,128 in 2017.
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