Map Shows Metros With Biggest Property Tax Bill Increases
Summary
Property taxes increased in every major U.S. metro area from 2023 to 2024, adding to homeowners' financial burdens. This rise comes despite slowing home price growth, as tax assessments still reflect high prices seen during the pandemic housing boom.Key Facts
- Median property taxes in the U.S. reached $3,119 per year in 2024, up 5.1% from the previous year.
- Homeowners with mortgages paid about $3,489 annually in property taxes, $913 more than those without mortgages.
- New York City had the highest median property taxes at over $10,000, while Birmingham, Alabama had the lowest at $1,156.
- Tampa saw the largest property tax increase at 7.7%, followed by Denver (7.4%) and Miami (7.1%).
- Property tax assessments often lag behind current market values, causing delays in tax increases following housing booms.
- Florida’s "Save Our Homes" policy limits annual tax assessment increases for some owners but causes uneven tax bills across homeowners.
- Efforts to reform property taxes have been proposed in several states but face challenges and have not advanced widely.
- Some metros like Milwaukee, Phoenix, and Memphis saw much smaller property tax increases between 0.7% and 1.1%.
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