NEWS: Tax Season Numbers Show That American Homeowners Were Billed $328 Billion in Property Taxes in 2021

NEWS: Tax Season Numbers Show That American Homeowners Were Billed $328 Billion in Property Taxes in 2021

As Tax Season comes to an end, numbers of tax dollars being billed to American home owners account for $328 billion. 

By Luis Valdivia

As Tax Season comes to an end, numbers of tax dollars being billed to American home owners account for $328 billion. 

As Rick Sharga mentioned, on a year with such high price increases, the surprise is actually that tax increases weren't higher. 

"It's hardly a surprise that property taxes increased in 2021, a year when home prices across the country rose by 16%," said Rick Sharga, executive vice president of market intelligence at ATTOM. "In fact, the real surprise is that the tax increases weren't higher, which suggests that tax assessments are lagging behind rising property values, and will likely continue to go up in 2022."

Here is a map of property taxes by county (provided by ATTOM)

Although in 2021 property taxes seemed to have dropped as a whole, it was mostly because the rapid increase in home prices didn't adjust accordingly to the property taxes of the year. 

"The buyer surge continued as home-mortgage rates hovered around 3 percent and many households continued to trade congested areas more susceptible to the two-year-old Coronavirus pandemic, for the relative safety and larger spaces offered by houses and condominiums."

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By Luis Valdivia