Property owners in the Manhattan borough of New York have the highest average property tax bills in the country, according to recent data from LERETA, a leading national real estate tax and flood service provider. Using property tax data collected from January 2015 to April of this year, the average bill in that borough was $95,729 and the median was $11,363. This information includes the influence of commercial property, which includes the business district, hotels and tour attractions. The Bronx was a distant second with an average bill of $12,243.
“Tax bill averages and other measures give lenders insight into how their portfolio footprint compares to those measures when calculated using all data provided by a jurisdiction,” said Terry Cason, data modeling analyst at LERETA. “Our data provides a level of detail that gives a clear view of the average, median and quartile billing distribution metrics in every jurisdiction, state or region of the country.”
LERETA reviewed tax data in 33 states where current tax billing was available. The review included all the taxes collected within the county (at the city or school levels) and aggregated it to county level in order to compare at one level (county) throughout the nation. There were 139 counties that had average tax bills above $3,026 and 957 counties with averages below $3,026.
LERETA’s analysis included approximately 89 million parcel records. The breakdown includes 8.5 million in the Northeast, 12 million in the Midwest, 42 million in the South and 26 million in the West with no distinction between commercial and residential properties.
“As more tax information becomes available, we will continue to refine our data to provide the most up-to-date statistics available,” Cason further commented.
Since 1986, LERETA has provided the mortgage and insurance industries the fastest, most accurate and complete access to property tax data and flood hazard status information across the U.S. LERETA is committed to giving customers extraordinary service and cost-effective property tax and flood solutions. LERETA’s services are designed to increase efficiency, reduce penalties and liabilities and improve processes for mortgage originators and servicers. LERETA’s dedicated teams of real estate tax and flood professionals along with LERETA’s experienced management team allow the company to lead the industry in service and technology.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.