Charleston, South Carolina is the #13 metro with the fastest-growing property taxes in America

Homeowners in certain parts of New Jersey, Illinois, and New Hampshire probably already know that they pay the highest tax rates in the U.S. But it was mostly metro areas in southern states that saw the highest growth in property tax rates since last year.

Using analysis from real estate data platform ATTOM Data, Agent Advice examined the average property tax in more than 100 major metropolitan areas across the country to see where property taxes increased the most from 2020 to 2021 (the latest data available).

To be included, each metro area had to have a population of at least 500,000. Metro areas include the main city and its surrounding towns and suburbs. The average tax rate is calculated using the average estimated market value of homes in each area.

Keep reading to see how property taxes have grown in your area, or check out the national list here.

Charleston, South Carolina by the numbers

• Average property taxes in 2021: $2,697
• Average property taxes in 2020: $2,408
• (up 12.0%)

Located two hours south of Myrtle Beach, Charleston is affected by the surge of Americans moving to South Carolina. A report from moving company United Van Lines found that South Carolina experienced the third-most inbound migration in 2021.

Homeowners in the metro area, however, do benefit from a tourism-fueled sales tax structure intended to offset property taxes. South Carolina’s port city of Charleston operates under the same property tax assessment mechanisms as Columbia.

Home values in the U.S. skyrocketed in 2021, rising faster in one year than they have in recent history. Propelled by low interest rates, demand for homes shot up while builders struggled to complete enough new homes to satisfy buyers. The typical American homeowner saw their home value jump tens of thousands of dollars.

Those home values jumped so quickly that effective tax rates in 2021 likely didn’t wholly account for the increases. In fact, effective tax rates largely declined across the country last year.

The average tax on single-family homes in the U.S. rose by 1.8% in 2021 compared to the year before, according to ATTOM Data. This represents the slowest rate of growth in five years. Smaller metros recorded some of the biggest tax increases, as home prices grew the most in these places.

Check out which metros have the fastest-growing property taxes below.

Metros with the fastest-growing property taxes

• #1. Lancaster, Pennsylvania: +29.2% increase in average property taxes
• #2. Nashville, Tennessee: +27.0% increase in average property taxes
• #3. Knoxville, Tennessee: +22.2% increase in average property taxes
• #4. Chattanooga, Tennessee: +22.0% increase in average property taxes
• #5. Winston-Salem, North Carolina: +20.52% increase in average property taxes

Originally published on agentadvice.com, part of the TownNews Content Exchange.