Average U.S. Property Tax Delinquency Rate Declines in 2021 — RISMedia

Americans pay their taxes better. This is the simplified analysis of CoreLogic’s latest Real Estate Property Tax Delinquency Report, which analyzes changes in real estate property tax delinquency at the national and state levels. Annual data for 2021 shows an average national crime rate of 5.9%, down 0.4% from the previous year.

The CoreLogic Property Tax Delinquency Report analyzes national and state real estate property tax delinquency percentages covering the period from 2011 to 2021. It examines periodic changes in tax payment status for loans requiring payment by the owner to the appropriate tax authorities.

Report Highlights:

  • The top five states with the highest average property tax default rates in 2021 are: Mississippi (15.6%), Delaware (14.5%), Virginia (10.5%) , New Jersey/Massachusetts (tie) (10.2%) and Washington, DC (10.1%).
  • The top five states with the lowest average property tax default rates in 2021 are: North Dakota (1.2%), Minnesota (1.3%), Wisconsin (1.5 ), Illinois (1.8%) and Utah (2.2%).
  • The 14.4% gap between the lowest and highest rates in 2021 is slightly lower than 13.9% for the period from 2011 to 2021. During this period, Minnesota had the average percentage of owed the lowest property tax of 2.0% while Mississippi had the highest rate of 15.9. %.

Take-out:

“Financially distressed homeowners are more likely to be behind on their property tax payments,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Over the past decade, 2011 recorded the highest average annual unemployment and delinquency rates. Unemployment was at its lowest in 2018 and 2019, the two years with the lowest crime rates. The increase in delinquency in 2020 and the decline in 2021 reflect the large job loss in the early months of the pandemic and the substantial job gain in the past year.

For more information, please visit www.corelogic.com.

Penny D. Jackson