Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 107 NUMBER 18 ■ MECKTIMES.COM
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TUESDAY, MAY 2, 2023 ■ $2.00
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Total property taxes on single-family homes up 4 percent across U.S. in 2022, to $340 billion ATTOM, a leading curator of land, property, and real estate data, today released its 2022 property tax analysis for 87 million U.S. single family homes, which shows that $339.8 billion in property taxes were levied on single-family homes in 2022, up 3.6 percent from $328 billion in 2021. The increase was more than double the 1.6 percent growth in 2021, although smaller than the 5.4 percent increase the prior year. The report also shows that the average tax on single-family homes in the U.S. increased 3 percent in 2022, to $3,901, after rising 1.8 percent the previous year. The latest average tax resulted in an effective tax rate nationwide of 0.83 percent. That was down slightly from 0.86 percent in 2021 to the lowest point since at least 2016. The 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 was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. In 2022, effective rates continued to decline even as total taxes rose because home values went up faster than taxes yet again around the country last year. Despite a stall in the nation’s decade-long housing market boom in 2022, the average single-
family home estimated value still rose 7.9 percent over the year. That surpassed the average tax increase, resulting in the small dip in effective rates. The downward trend in effective rates could easily reverse if a drop in home values that began in the second half of last year and continues in 2023. Prices have started to decline amid mortgage rates that have doubled, high consumer price inflation and other forces that have cut into what home seekers can afford. “Property taxes continued their neverending climb last year, with wide disparities continuing from one area of the country to another, connected to varying costs, services, and tax bases. But, on balance, the latest increase nationwide again was modest,” said Rob Barber, chief executive officer at ATTOM. “This year, local governments and school systems will face even greater challenges keeping taxes in check, given rising inflation rates and a growing number of commercial properties that could be eligible for tax reductions after suffering a surge of vacancies during the pandemic.”
percent), Illinois (1.78 percent), Connecticut (1.57 percent), Vermont (1.43 percent) and Nebraska (1.36 percent). Other states in the top 10 for highest effective property tax rates were Pennsylvania (1.29 percent), New Hampshire (1.28 percent), Ohio (1.27 percent), New York (1.26 percent) and Iowa (1.25 percent).
Highest effective property tax rates in New Jersey, Illinois, Connecticut, Vermont and Nebraska
States in the Northeast region had seven of the 10 highest average property taxes in the U.S. in 2022. They were led by New Jersey, where the average singlefamily-home property tax of $9,527 in 2022 was more than 10 times the average of $928
States with the highest effective property tax rates in 2022 were New Jersey (1.79
Hawaii, Alabama, Arizona, Colorado and Tennessee have lowest effective rates
The lowest effective tax rates in 2022 were in Hawaii (0.30 percent), Alabama (0.37 percent), Arizona (0.39 percent), Colorado (0.40 percent) and Tennessee (0.42 percent). Other states in the top 10 for lowest effective property tax rates last year were Utah (0.44 percent), Nevada (0.44 percent), Idaho (0.46 percent), South Carolina (0.46 percent) and West Virginia (0.47 percent).
Highest-tax states in Northeast, with averages up to 10 times higher than elsewhere
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“The growth of both the Charlotte and Statesville industrial markets has been unprecedented. The Weston Statesville portfolio serves a niche to serve the growth of the region.” Rob Spier, SIOR
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