Property Taxes Marched Up 4% Nationwide In 2018 Bankrate.com Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Artazum/Shutterstock April 04, 2019 Natalie Campisi is a former mortgage reporter at Bankrate. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Homeowners across most of the country had to dig deeper into their pockets last year, as total property tax collections rose by 4 percent from 2017, according to ATTOM Data Solutions’ . In 2017, homeowners paid an average of $3,498, but last year the average property taxes rang up higher at $3,399. The effective average property tax rate was down one basis point from 1.17 percent in 2017, to 1.16 percent in 2018. Single-family homeowners paid a total of $304.6 billion in property taxes, which was 4 percent more than $293.4 billion in 2017. Although midway through last year home prices began to moderate, they were still on the rise across the country, which is why many folks are seeing bigger tax bills. In December, home prices rose 4.7 percent — the slowest growth since December 2012, according to CoreLogic. More expensive areas tend to have higher average property taxes, since home values are higher, such as Westchester County, New York ($17,392), Rockland County, New York ($12,925), Marin County, California ($12,242) and Essex County, New Jersey ($12,161). Hawaii stands out for high property values low taxes
However, Hawaii is an anomaly. The Aloha State boasts some of the most expensive property in the country but also has the lowest property tax rate, just .37 percent of assessed value. This is 11 basis points lower than the second-lowest property tax state, which is Alabama at .48 percent. Although the average estimated value of a single-family home in Hawaii is a whopping $761,864, the average property tax bill is just $2,824 — roughly the same as South Dakota ($2,816), where the average estimated value of a house is $214,706. More than half (55 percent) of the 219 areas studied in the report showed an increase above the national average of 3 percent. Both Atlanta and San Francisco had 7 percent increases while Montana showed a 19 percent increase from 2017. Other eye-popping hikes include Kansas, showing an 18 percent uptick, and Washington with a 13 percent rise. Just six states that saw a drop in their annual bill. New Mexico (-17 percent), Nevada (-15 percent), Pennsylvania (-6 percent), Oklahoma (-4 percent), Iowa (-2 percent) and Alaska (-1 percent) all saw decreases in average property taxes. Homeowners who were impacted by natural disasters might see a reduction in their taxes this year. In Alaska, folks who were affected by the Nov. 30 7.0 earthquake received assessment notices, those with red or yellow tags were asked to contact the assessor’s office because their property was deemed damaged. Those owners are likely eligible for a tax reduction. The Golden State topped the list for most property taxes collected, totaling $40.3 billion, followed by Texas with $37.2 billion and, in third place is New York with $23.2 billion. SHARE: Natalie Campisi is a former mortgage reporter at Bankrate. Related Articles