Home Property Taxes Post Alarming Rise

A double whammy of declining home values and rising taxes propelled the increase in effective tax rates.

If you thought your property tax bill was higher than usual last year, it probably was. The average tax on single-family homes rose 4.1% in 2023 to $4,062 – higher than the 3% increase recorded in 2022, according to ATTOM’s just released analysis of 2023 property taxes. However, 52.9% of metro areas studied saw average property taxes rise by more than 4.1%. And homeowners in 21 of 1,502 counties had it much worse, with average property taxes exceeding $10,000.

Across the nation, local governments saw higher property tax collections last year, with a 6.9% spike to $363.3 billion — a rate almost double the 3.6% increase to $339.8 billion in 2022. That increase was the largest of the past five years, based on a study of 89.4 million single-family homes.

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