Subject: SVY
Property Taxes Increased the Most in San Jose, Kingston, Santa Cruz, Ithaca and Austin, according to ValuePenguin.com Study
NEW YORK, March 20, 2019 /PRNewswire/ -- ValuePenguin.com today released a new report on where homeowners have seen the sharpest increase in their property taxes. From 2007 to 2017 American homeowners have experienced an average increase of $481 in property taxes paid, and there were 22 metro areas in which the median homeowner paid at least $1,000 more in property taxes in 2017 than in 2007. Interestingly, the metros with the steepest increase in property taxes were not necessarily areas with a sharp increase in median home value.
ValuePenguin analysts compared median real estate taxes paid and home values across the 283 largest metros to determine the places where property taxes have increased the most over the past decade.
Key findings
- Homeowners in San Jose-Sunnyvale-Santa Clara, California; Kingston, New York; Santa Cruz-Watsonville, California; Ithaca, New York and Austin-Round Rock, TX saw the largest dollar value increase in property taxes, with the median homeowner paying over $1400 more in taxes over the past decade.
- Northeast homeowners, and particularly those in Connecticut, faced some of the largest increases in their effective property tax rate. Across the top 10 metros, there was 0.61 percent increase in the effective property tax rate over the past decade. Residents of Kingston, New York faced the largest increase of 0.82 percent, which led to a $1,573 increase in median real estate taxes per year for homeowners.
- Rochester, New York has the highest effective tax rate in the country, at 2.95 percent ? the median homeowner here pays $4,259 on real estate taxes. Residents of the Bridgeport-Stamford-Norwalk, Connecticut metro area pay the highest property taxes in absolute terms at $7,436 in 2017.
- On the other end of the spectrum, ValuePenguin observed a decrease in median property taxes paid in 13 metros. Kokomo, Indiana; Cape Coral-Fort Myers, Florida; Port. St. Lucie, Florida; Gainesville, Florida and Muncie, Indiana all saw the largest decrease in property taxes for median homeowner, decreasing by over one hundred dollars.
ValuePenguin calculated the effective tax rate in each metropolitan area by comparing a region's median real estate taxes paid and home value. Analysts only used data for owner-occupied houses, and contrasted figures from 2007 and 2017, the most recent year for which data is currently available. Metros were excluded from the analysis if data were missing for one or both years surveyed.
To view the full report, visit: https://www.valuepenguin.com/where-homeowner-property-taxes-increased-most.
50 Cities With the Largest Increase in Property Taxes Paid | |||
Metro Area | Change in Effective Tax Rate | Change in Median Home Value | How Much More is the Median Homeowner Paying? |
San Jose-Sunnyvale-Santa Clara, CA | 0.15% | $203,300 | $2,625 |
Kingston, NY | 0.82% | -$21,200 | $1,573 |
Santa Cruz-Watsonville, CA | 0.19% | $18,200 | $1,540 |
Ithaca, NY | 0.23% | $45,700 | $1,487 |
Austin-Round Rock, TX | -0.25% | $106,100 | $1,475 |
Bridgeport-Stamford-Norwalk, CT | 0.55% | -$73,100 | $1,474 |
Hartford-West Hartford-East Hartford, CT | 0.61% | -$7,400 | $1,402 |
Iowa City, IA | 0.31% | $54,800 | $1,381 |
Midland, TX | 0.05% | $85,700 | $1,354 |
New Haven-Milford, CT | 0.77% | -$36,800 | $1,308 |
Corvallis, OR | 0.08% | $102,900 | $1,297 |
Manchester-Nashua, NH | 0.49% | -$5,000 | $1,293 |
Des Moines-West Des Moines, IA | 0.40% | $35,600 | $1,269 |
Albany-Schenectady-Troy, NY | 0.31% | $31,800 | $1,233 |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 0.42% | $10,600 | $1,185 |
Burlington-South Burlington, VT | 0.24% | $33,600 | $1,166 |
Norwich-New London, CT | 0.64% | -$34,200 | $1,111 |
Lebanon, PA | 0.43% | $25,800 | $1,057 |
Ocean City, NJ | 0.50% | -$42,400 | $1,054 |
Elmira, NY | 0.30% | $31,000 | $1,053 |
Seattle-Tacoma-Bellevue, WA | 0.12% | $60,700 | $1,042 |
Springfield, MA | 0.36% | $13,400 | $1,000 |
Pittsfield, MA | 0.41% | $13,600 | $998 |
Dubuque, IA | 0.35% | $36,100 | $996 |
Allentown-Bethlehem-Easton, PA-NJ | 0.48% | -$2,000 | $992 |
San Angelo, TX | 0.18% | $54,300 | $973 |
Cedar Rapids, IA | 0.42% | $24,100 | $967 |
Lancaster, PA | 0.31% | $24,000 | $962 |
Napa, CA | 0.16% | -$14,900 | $962 |
Binghamton, NY | 0.55% | $14,900 | $957 |
Oxnard-Thousand Oaks-Ventura, CA | 0.20% | -$48,800 | $948 |
Ames, IA | 0.17% | $43,800 | $921 |
Rochester, NY | 0.21% | $22,400 | $917 |
Salinas, CA | 0.29% | -$141,500 | $914 |
Syracuse, NY | 0.15% | $27,500 | $896 |
Odessa, TX | -0.10% | $79,200 | $893 |
Bellingham, WA | 0.16% | $50,000 | $892 |
Peoria, IL | 0.41% | $15,900 | $849 |
York-Hanover, PA | 0.38% | $9,900 | $843 |
Madison, WI | 0.15% | $26,200 | $829 |
Washington-Arlington-Alexandria, DC-VA-MD-WV | 0.25% | -$33,900 | $829 |
Champaign-Urbana, IL | 0.23% | $24,700 | $826 |
Victoria, TX | 0.14% | $45,200 | $826 |
Missoula, MT | 0.07% | $69,500 | $824 |
Utica-Rome, NY | 0.30% | $20,900 | $815 |
Vallejo-Fairfield, CA | 0.29% | -$67,800 | $813 |
Boulder, CO | -0.02% | $162,400 | $806 |
Corpus Christi, TX | 0.14% | $36,400 | $800 |
Medford, OR | 0.29% | -$10,200 | $786 |
Davenport-Moline-Rock Island, IA-IL | 0.37% | $17,400 | $778 |
About ValuePenguin.com: ValuePenguin.com, a LendingTree company, is a personal finance website that conducts in-depth research & provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com.
About LendingTree: LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
Media Contacts:
Divya Sangam
646 693 8445
[email protected]
SOURCE ValuePenguin
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