Home value increases add to local property tax coffers


TRI-CITIES, Tenn. – Property taxes levied on Tri-Cities area single-family homes were up 9.1% in 2022. That’s better than double the 3.6% U.S. increases. Hold on. Don’t get out the pitchforks and torches just yet. Total taxes increase because home values when up faster than taxes.

 ATTOM’s 2022 property tax analysis says the average property tax on a single-family home in the U.S. was $3,901. Here’s what it was for the local counties included in the report and the increase from 2021:

Carter – $879, up $8.

Greene – $766, up $18.

Hawkins – $989, up $152.

Sullivan – $1,269, up $212.

Washington TN – $1,436, up $26.

Scott VA – $756, up $1.

Washington VA – $1,096, up $7.

Sullivan Co. had the largest total property tax – $70.2 million. That’s a 20% ($11.8 million) increase over 2021’s total, according to ATTOM. It’s also the only local county where the effective tax rate increased.

Hawkins was the only other local county with a double-digit increase. It was $18.6 million, up 18%.

Area-wide, last year’s total taxes were $211.7 million. Totals for counties besides Sullivan and Hawkins were:

Carter – $13.5 million, up 1%.

Greene – $19.4 million, up 2%.

Washington TN – $70.2 million, up 2%.

Scott – $5.5 million, no change.

Washington VA – $24.3 million, up 1%.

ATTOM’s report analyzed property tax data from county tax assessors along with estimated market values calculated using an automated valuation model. The effective tax rate was the average annual property tax rate expressed as a percentage of the average estimated market value of homes in each county.

Property taxes continued their never-ending climb last year, with wide disparities continuing from one area of the country to another, connected to varying costs, services, and tax bases. But, on balance, the latest increase nationwide again was modest,” said Rob Barber, chief executive officer at ATTOM. “This year, local governments and school systems will face even greater challenges keeping taxes in check, given rising inflation rates and a growing number of commercial properties that could be eligible for tax reductions after suffering a surge of vacancies during the pandemic.

The effective tax rate for local counties compared to 2021 were:

Carter – 0.38%, down from 0.43%.

Greene – 0.32%, down from 0.35%.

Hawkins – 0.42%, down from 0.43%.

Sullivan – 0.45%, up from 0.42%.

Washington TN -0.42%, down from 0.47%.

Scott – 0.46%, down from 0.57%.

Washington VA – 0.40, down from 0.46%.


Categories: REAL ESTATE