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Real estate platform ZeroDown examined data from the Census Bureau’s annual State Government Tax Collections Survey to see how much money states collect in property taxes.
It’s important to note there are 14 states that do not collect property taxes at the state level. And while states with the most expensive properties, such as New York and New Jersey, have some of the highest property tax rates in the country, their revenues are divided among local governments such as cities or counties. In most states, property taxes, which are paid on property (either by an individual or corporation) based on its value, account for only a small portion of revenues. The federal government collected $23 billion in property taxes last year.
Since property tax rates are usually based on assessed value, it may seem counterintuitive that the rate of property tax increases actually slowed in 2021 compared to previous years—despite single-family housing prices staying red-hot across the country. But this effect can be explained by rates staying the same as property values increased. This lag in property taxes catching up with property values will hit homeowners with higher tax bills in 2022. According to Attom Data cited by The Washington Post, the average tax bill on single-family homes in the U.S. was up 1.8% from $3,719 in 2020 to $3,785 in 2021.
Note that the U.S. Census Bureau did not release 2020 data due to the COVID-19 pandemic. All 2019 figures cited in the following list have been adjusted for 2021 rates of inflation and rounded to the nearest dollar.
Real estate platform ZeroDown looked at Census Bureau data to see how much revenues states c…
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