COVINA, Calif.--(BUSINESS WIRE)--In its latest property tax payment analysis, LERETA, a leading national real estate tax and flood service provider, found that the Northeast has the highest average tax bill in the country at $5,108, based on 2017 year-end data. The nationwide average is $3,237.
In this latest data review, LERETA examined year-end tax amount data obtained in 2017 to determine tax billing, the number of exempt records and bill averages in each region of the country. This data represents 4,286 jurisdictions across the country where all installments for that tax collector’s billing cycle were available.
While the highest average bill was in the Northeast, the lowest was in the South with an average bill amount of $2,386. This review also indicates that the South leads the nation in the number of total property tax exemptions offered.
“We are in a unique position to analyze a lender’s portfolio to determine risk associated with tax delinquency, to support the procurement of those tax amounts and report to the mortgage servicer according to the tax collection cycle,” said John Walsh, CEO of LERETA. “In our frequent reviews of the large amount of data available to us, we have the opportunity to provide information that helps support a servicer’s decision making and risk assessment process.”
The table below reflects a regional breakdown of the data collected and is representative of 2017 year-end values.
|Region||Jurisdictions||Records||Billing||Exempt Records||Bill Average|
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.