Property tax represents a significant ongoing cost for homeowners. These taxes are meant to support essential local services, like schools and infrastructure.
The amount you owe often depends on your home’s value and its location, but these figures can fluctuate annually based on local tax laws and property assessments.
Typically, if your home appreciates in value, your property taxes will rise. Homes are usually revalued each year, leading to potential changes in tax bills.
Many homeowners struggle with increasing property taxes as home values grow and local tax rates shift. Joel Burner, a senior economist at Realtor.com, pointed this out in an April report.
Between 2023 and 2024, the median property value in the U.S. climbed by 2.8%, with over 73% of properties seeing tax hikes during that period.
For 2024, the median property tax bill across the U.S. stood at $3,500, largely influenced by home price assessments.
However, Burner noted that a lot of homeowners might not be aware they have the option to contest their home’s assessed value.
In fact, Burner mentioned that more than 40% of real estate in the country could see savings of at least $100 by appealing their property value, with median savings surpassing $500.
This issue has become a contentious topic for politicians, with some advocating for a complete elimination of property taxes.
One Pennsylvania legislator even argued that homeowners shouldn’t be required to “pay rent” to the government.
Recently, Florida Governor Ron DeSantis has doubled his efforts toward abolishing property taxes in the state.
Current data from Realtor.com shows that residents in New Jersey, Connecticut, Washington, and New York face some of the highest property taxes in the nation.
On the flip side, residents in Indiana, Alabama, West Virginia, and Arkansas enjoy the lowest median property taxes.
Realtor.com’s data ranks the states according to their property taxes, from highest to lowest:
- New Jersey – $9,413
- New Hampshire – $7,715
- Connecticut – $6,944
- Washington – $6,338
- New York – $6,096
- Texas – $5,860
- California – $5,248
- Massachusetts – $5,142
- Rhode Island – $5,111
- District of Columbia – $5,087
- Maryland – $4,874
- Maine – $4,335
- Oregon – $4,265
- Alaska – $4,113
- Minnesota – $3,712
- Florida – $3,659
- Wisconsin – $3,612
- Colorado – $3,398
- Kansas – $3,379
- Pennsylvania – $3,137
- Montana – $3,072
- Hawaii – $2,931
- Ohio – $2,823
- Iowa – $2,816
- Utah – $2,768
- Virginia – $2,755
- Georgia – $2,683
- South Dakota – $2,632
- Missouri – $2,534
- North Dakota – $2,525
- Nebraska – $2,382
- Nevada – $2,316
- Vermont – $2,206
- Wyoming – $2,024
- Illinois – $1,974.50
- Idaho – $1,974
- North Carolina – $1,971
- Arizona – $1,956
- New Mexico – $1,734
- Delaware – $1,702
- Michigan – $1,670
- Kentucky – $1,551
- Oklahoma – $1,481
- Louisiana – $1,415
- Tennessee – $1,333
- South Carolina – $1,328
- Mississippi – $1,034
- Indiana – $995
- Alabama – $804
- West Virginia – $728
- Arkansas – $725
