Average National Property Tax Default Rate Declines in 2021, CoreLogic Reports | Your money

IRVINE, Calif.–(BUSINESS WIRE)–February 23, 2022–

CoreLogic, a leading global provider of property insights, analytics and data solutions, today released its Property Tax Delinquency Report, which analyzes changes in national and state property tax arrears. Annual data for 2021 shows an average national crime rate of 5.9%, down 0.4% from the previous year.

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Delinquency rate in the United States, annual average 2011-2021 (Graph: Business Wire)

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

“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.

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%).

In 2021, North Dakota had the lowest percentage of property tax arrears at 1.2%. For the same year, Mississippi had the highest rate with a rate of 15.6%. 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. %.

Methodology

The CoreLogic Property Tax Delinquency report analyzes data from approximately 10 million first mortgages where the borrower is responsible for payment to tax authorities. As new tax cycles are created, CoreLogic researches and determines whether taxes are paid and in order, or overdue. Additional reviews provide further confirmation of any persistent defaults from previous years. CoreLogic reports the status of each fiscal cycle on every unsecured loan, whether paid or past due.

View CoreLogic’s full property tax delinquency report here.

Source: CoreLogic

The data provided is intended for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished, or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without CoreLogic’s prior written permission. All CoreLogic data used for publication or dissemination, in whole or in part, must be sourced from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation should directly accompany the first data reference. If the data is illustrated by maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or on the website. For questions, analysis, or data interpretation, contact Robin Wachner at [email protected] Data provided may not be changed without prior written permission from CoreLogic. Do not use the data illegally. This data is compiled from public records, contributory databases and proprietary analysis, and its accuracy depends on these sources.

About CoreLogic

CoreLogic is a leading global provider of property information, analytics, and data-driven solutions. The company’s combined data from public, contributory and proprietary sources includes more than 4.5 billion records spanning over 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, location, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets and the public sector. CoreLogic delivers value to customers through unique data, analytics, workflow technology, advisory and managed services. Customers rely on CoreLogic to identify and manage growth opportunities, improve performance and mitigate risk. Based in Irvine, California, CoreLogic operates in North America, Western Europe and Asia-Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its affiliates.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220223005185/en/

CONTACT: Robin Wachner

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA MISSISSIPPI MINNESOTA CALIFORNIA MASSACHUSETTS NORTH DAKOTA ILLINOIS NEW JERSEY WISCONSIN DISTRICT OF COLUMBIA VIRGINIA DELAWARE UTAH

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER BUILDING AND REAL ESTATE RESIDENTIAL BUILDING AND REAL ESTATE INSURANCE COMMERCIAL BUILDING AND REAL ESTATE CONSTRUCTION AND REAL ESTATE BUILDING SYSTEMS

SOURCE: CoreLogic

Copyright BusinessWire 2022.

PUBLISHED: 02/23/2022 09:01/DISC: 02/23/2022 09:02

http://www.businesswire.com/news/home/20220223005185/en

Copyright BusinessWire 2022.

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