‘You gotta be prepared to move quickly’: Houses flying off the market in Chicago, suburbs

In the Chicago area, people are struggling to buy homes. Real estate experts say because people have 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.

Attom Data Solutions, a national property resource, has analyzed 3,006 U.S. counties to find out which had the highest and lowest property tax rates in 2020.

Overall, the five states Attom identified as having the highest property tax rates, 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.

CHICAGO-AREA HOUSING MARKET SOARS WITH HIGH DEMAND

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 highest effective property tax rates.

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Rush for real estate throughout the Chicago area

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%).

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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).

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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%.