Name: Illinois among US states with highest property taxes in 2020: report
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Illinois among US states with highest property taxes in 2020: report

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In the Chicago area, people are struggling to buy homes. Real estate experts say because people have&nbsp;been stuck inside all year, so many families are looking to up-size. Owning a home comes at a cost, but some properties are more taxing than others. , a national property resource, has analyzed 3,006 U.S. counties to find out which had the highest and lowest in 2020. Overall, the five states Attom identified as , on average, were New Jersey (2.2%), Illinois (2.18%), Texas (2.15%), Vermont (1.97%) and Connecticut (1.92%). In New Jersey, the highest average property tax on a single-family home in 2020 was $9,196, according to Attom’s data. Meanwhile, single-family homes in Connecticut had a pricy average of $7,395. New York was another state to make it onto Attom’s top 10, with an average property tax of $6,628 for a single-family home in 2020. When broken down on the county level, the Big Apple is also home to 5 of the 10 counties with the . Thad Wong, co-founder and co-CEO of @Properties discusses the real estate market and explains why it is a seller's market. As for the five states Attom identified as having the lowest average effective property tax rates in 2020, it goes to Hawaii (0.37%), Alabama (0.44%), West Virginia (0.51%), Colorado (0.54%) and Utah (0.54%). Alabama reportedly has the lowest average tax levy at $841 for a single-family home in the state. The other four states that rounded out Attom’s list for having the lowest property taxes for a single-family home were West Virginia ($849), Arkansas ($1,147), Tennessee ($1,202) and Mississippi ($1,241). For metro areas, Attom noted that the cities with the lowest tax rates, but also a population of at least one million people, were Nashville (0.53%); Salt Lake City (0.58%); Birmingham, Alabama (0.58%); Phoenix (0.58%) and Denver (0.6%). The national average property tax for a single-family home in 2020 was $3,719, which Attom notes is a 4.4% increase from the previous year. However, the national average for the 2020 effective property tax rate went down from 1.14% to 1.1%. More on . All the news you need to know, every day By clicking Sign Up, I confirmthat I have read and agreeto the and .

In the Chicago area, people are struggling to buy homes. Real estate experts say because people have&nbsp;been stuck inside all year, so many families are looking to up-size. Owning a home comes at a cost, but some properties are more taxing than others. , a national property resource, has analyzed 3,006 U.S. counties to find out which had the highest and lowest in 2020. Overall, the five states Attom identified as , on average, were New Jersey (2.2%), Illinois (2.18%), Texas (2.15%), Vermont (1.97%) and Connecticut (1.92%). In New Jersey, the highest average property tax on a single-family...

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Illinois among US states with highest property taxes in 2020: report

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