Recent data from LendingTree reveals that median property taxes in the U.S. increased by 10.4% from 2021 to 2023, now averaging $2,969 per homeowner annually. This rise follows significant home price increases, with median listing prices up 16.2% over the same period. The combination of escalating market values and property tax rates creates a double financial strain for homeowners. Variations exist across different states and metropolitan areas, with Tampa, FL, seeing the steepest property tax hike at 23.3%.
"Property taxes are a percentage of assessed home value, which usually moves with the market price of the home," says Joel Berner, senior economist at Realtor.com. "We saw median listing prices increase 16.2% from 2021 to 2023."
The property tax spike comes off the back of home prices increasing nationwide...some cities admittedly climbed more than others. And rates continue to fluctuate today.
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