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2020 Property Tax Increases Outpaced Inflation
Friday, April 9, 2021
American home owners received bills for $323 billion
in property taxes last year, a 5.4 percent increase from $306.4 billion in
2019. ATTOM Data Solutions says that the average bill for each of the 87
million single-family homes in the country was $3,719, an effective tax rate of
1.1 percent. This average was up 4.4 percent from $3,561 in 2019 while the
effective property tax rate of 1.1 percent in 2020 was down slightly from 1.14
percent in 2019.= "Homeowners across the United States in 2020
got hit with the largest average property tax hike in the last four years, a
sign that the cost of running local governments and public school systems rose
well past the rate of inflation. The increase was twice what it was in 2019,"
said Todd Teta, chief product officer for ATTOM Data Solutions. "Fortunately
for recent home buyers, they have mortgages with super-low interest rates that
somewhat contain the cost of home ownership. But the latest tax numbers speak
loud and clear about the continuing pressure on both recent and longtime
homeowners to support the rising cost of public services."
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