According to ATTOM’s 2023 Property Tax Analysis for 89.4 million U.S. single family homes, there was a 6.9% surge in single-family home property taxes in 2023, reaching $363.3 billion. The report states that this is nearly double the 3.6 percent growth rate of 2022 and represents the largest increase in the past five years.
ATTOM’s latest property tax analysis indicated a 4.1% rise in the average tax on U.S. single-family homes in 2023, reaching $4,062, up from a 3% increase the year prior. This resulted in a nationwide effective tax rate of 0.87%, slightly up from 0.83% in 2022, marking the first increase since 2017.
The report found the Northeast and Midwest regions saw the highest effective property tax rates in 2023. The states with the highest effective property tax rates in 2023 were Illinois (1.88 percent), New Jersey (1.64 percent), Connecticut (1.54 percent), New York (1.46 percent) and Nebraska (1.46 percent). The report noted that other states in the top 10 for highest effective property tax rates were Ohio (1.37 percent), Pennsylvania (1.33 percent), Vermont (1.29 percent), Kansas (1.26 percent) and New Hampshire (1.25 percent).
ATTOM’s 2023 property tax analysis also reported that in 2023, the South and West boasted the lowest effective property tax rates. The states with the lowest effective tax rates in 2023 were Hawaii (0.31 percent), Arizona (0.41 percent), Alabama (0.42 percent), Delaware (0.43 percent) and Tennessee (0.44 percent). The report mentioned that other states in the top 10 for lowest effective property tax rates last year were Idaho (0.44 percent), Utah (0.45 percent), Nevada (0.48 percent), Colorado (0.48 percent) and West Virginia (0.49 percent).
In this post, we take a deep dive into the data behind ATTOM’s 2023 property tax analysis to uncover the larger top 10 U.S. counties with the highest effective property tax rates, among those counties with 10,000 or more single family homes in 2023 and populations over 100,000. Those counties include: Summit County, OH (3.17 percent); Saint Lawrence County, NY (2.59 percent); De Kalb County, IL (2.51 percent); Fairfield County, OH (2.45 percent); Monroe County, NY (2.34 percent); Camden County, NJ (2.19 percent); Kane County, IL (2.15 percent); Lake County, IL (2.1 percent); Kankakee County, IL (2.15 percent); and Macon County, IL (2.13 percent).
Also, in this post, we take a deep dive into the data behind this report to uncover the top 10 larger U.S. counties with the lowest effective property tax rates, among those counties with 10,000 or more single family homes in 2023 and populations over 100,000. Those counties include: Brunswick County, NC (0.13 percent); Sussex County, DE (0.19 percent); Maui County, HI (0.23 percent); Bradley County, TN (0.27 percent); Baldwin County, AL (0.27 percent); Morgan County, AL (0.31 percent); Honolulu County, HI (0.31 percent); Williamson County, TN (0.32 percent); Aiken County, SC (0.32 percent); Tuscaloosa County, AL (0.32 percent).
ATTOM’s property tax report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single-family homes calculated using an automated valuation model (AVM). The effective tax rate shows the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.
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