COVINA, Calif.--(BUSINESS WIRE)--According to recent data from LERETA, a leading national real estate tax and flood service provider, the Northeast region has the highest property tax bill average at $4,991. The information studied was collected for the most current billing cycles as of January 2015 through April 2016.
Facts were analyzed at the county level in 33 states, and then grouped in regions of the country. Overall, there were approximately 89 million parcel records included in LERETA’s analysis. The breakdown of parcel records includes 8.5 million in the Northeast, 12 million in the Midwest, 42 million in the South and 26 million in the West. There was no distinction between commercial and residential properties.
“It is important for lenders to be aware of this type of regional summary information to confirm average tax billing facts, and to get a sense of how it correlates with their portfolio,” said Terry Cason, data modeling analyst at LERETA. “Detailed billing data is available to measure against a lender’s established footprint in these areas.”
The Western region had the second highest property tax average at $3,673 followed by the Midwest at $2,864 and the South at $2,267.
New York, largely due to commercial properties in the Manhattan area, and Connecticut had the highest billing averages at $11,482 and $6,794 respectively. California had an average of $5,156 and Minnesota was fourth highest at $4,022. According to the data, Alabama had the lowest average at $619 followed by Arkansas at $791.
“The dataset reviewed will be augmented on a periodic basis to include additional data posted according to tax collection requirements,” Cason further clarified.
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.