Housing News

Homeowners, It’s Not Just You. Property Taxes are on the Rise Nationwide

Did your property taxes go up in 2024? If so, you’re hardly alone.

Nationwide, property taxes rose by nearly 3% in 2024 over the previous year, according to a new report from property data provider ATTOM.

The average property tax bill for a single-family home checked in at $4,172 last year, an increase of 2.7% over 2023. The increase was slightly smaller than the increase from 2022 to 2023, when property taxes rose by 4.1%.

The amount of property taxes homeowners pay varies widely from state to state.

“In many areas, we’ve seen taxes increase not just due to property appreciation, but also because of growing costs to operate local governments and schools or shifts in how tax burdens are distributed,” ATTOM CEO Rob Barber said in a statement.

“That said, regional disparities remain clear—with higher home values and effective tax rates in parts of the Northeast and Midwest often helping to support more robust local services, compared to the generally lower values and rates in the South and West,” Barber added.

In fact, property taxes rose by more than the national average in nearly three-quarters, 72.4%, of the nation’s major cities.

About 157 out of the nation’s 217 metro areas of more than 200,000 residents saw their property taxes increase by more than 3%, according to the report.

The metro areas with more than 1 million people that had the largest increases in average tax bills were Raleigh, N.C., at 21.1%; Honolulu, at 17.2%; New Orleans, at 16%; Richmond, Va., at 13.1%; and Chicago, at 12.9%.

On the other end of the spectrum were the cities with the biggest decreases in average single-family home tax bills. Homeowners in Charlotte, N.C. saw the biggest cuts, down 7.3%; Atlanta, down 6.4%; Houston, down 5.8%; Austin, TX, down 5.4%; and Philadelphia, down 3.4%.

The states with the highest average property tax bills are in the Northeast due the higher number of more valuable homes and “generally higher” tax rates, according to the report. These states generally use the money generated by the taxes to pay for more services.

New Jersey tops the list in terms of average property taxes. Homeowners in the Garden State pay an average of $10,135 in property taxes.

That’s nearly 10 times that of the state with the lowest property tax bills, West Virginia, where they pay only $1,027.

Trailing New Jersey, the states with the highest average tax bill were Connecticut, at an average $8,402; New Hampshire, at $7,723; Massachusetts, at $7,720; and California, at $7,131.

The states with the lowest average tax bills after West Virginia were Alabama, at $1,200; Arkansas, at $1,397; Mississippi, at $1,440; and Louisiana, at $1,585.