Slideshow 10 states where servicers are grappling with property tax shocks

Published
  • March 16 2017, 1:32pm EDT
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Average property taxes are up nearly 6.5% nationwide, according to Lereta, a tax services and data provider in Covina, Calif. Higher tax bills can strain borrowers' ability to repay and affect underwriting, escrow services and portfolio management for lenders and servicers.

Here's a look at the top 10 states that saw the largest spikes in average tax bills in 2016, according to a Lereta analysis of national tax data.

No. 10 Kansas

Average property tax bill: $2,231
Year-over-year increase 7.8%

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No. 9 Arkansas

Average property tax bill: $1,108
Year-over-year increase: 8%

No. 8 Tennessee

Average property tax bill: $1,510
Year-over-year increase: 8.1%

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No. 7: Utah

Average property tax bill: $2,468
Year-over-year increase: 9.1%

No. 6: Pennsylvania

Average property tax bill: $1,440
Year-over-year increase: 9.6%

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No. 5: Michigan

Average property tax bill: $3,031
Year-over-year increase: 11.6%

No. 4: Arizona

Average property tax bill:
$2,177 Year-over-year increase: 16.8%

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No. 3: Iowa

Average property tax bill: $2,002
Year-over-year increase: 19.7%

No. 2: Maryland

Average property tax bill: $2,542
Year-over-year increase: 20.4%

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No. 1: Virginia

Average property tax bill: $4,015
Year-over-year increase: 88.5%