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ATTOM Data, a leading provider of nationwide property data, reports that property taxes on single-family homes surged by 6.9% in 2023, totaling $363.3 billion. That is nearly double the 3.6% growth rate of 2022 and represents the largest increase in the past five years. The Northeast and Midwest regions had the highest effective property rates, while the South and the West had the lowest effective property taxes.
Here are the top 10 counties with the highest effective property taxes:
- Summit County, OH: 3.17%
- Saint Lawrence County, NY: 2.59%
- DeKalb County, IL: 2.51%
- Fairfield County, OH: 2.45%
- Monroe County, NY: 2.34%
- Camden County, NJ – 2.19%
- Kane County, IL – 2.15%
- Lake County, IL – 2.15%
- Kankakee County, IL – 2.15%
- Macon County, IL – 2.13%
Our take
To maximize your returns as an investor, you have to pay attention to property taxes. Otherwise, all your gains will wither quickly. This report from ATTOM is so useful because it identifies which counties have the highest AND lowest property taxes. That’s huge. Incorporate it into your market analysis and model where you can get the best bang for your buck.