Summary
Property taxes in the United States hit a historic level in 2024, with no state having an average bill under $1,000. This increase in taxes is linked to rising property values and is making homeownership more costly for many Americans.
Key Facts
- In 2024, every state in the U.S. had an average residential property tax bill of over $1,000.
- Alabama was the last state under this threshold in 2023, highlighting a nationwide increase.
- The average annual residential property tax bill in 2024 was $4,271, which is 4% higher than in 2023.
- New Jersey had the highest average property taxes at $9,767, while West Virginia had the lowest at $1,044.
- Property value assessments rose by 27% nationally between 2019 and 2024.
- Higher property taxes are associated with lower home purchase prices but increase costs for current homeowners.
- Areas with high home values, like the Northeast and California, tend to have higher property taxes.
- In Texas, changes to property tax exemptions were voted on to address rising values and taxes.
