Property taxes are rising faster than inflation. See what homeowners pay across the U.S.
CBS News • • business
Key Points:
- Property taxes in the U.S. increased by an average of 3.7% last year, outpacing the 2.7% rise in inflation, with homeowners paying an average of $4,427, according to ATTOM's analysis.
- Some states experienced significant hikes, such as Delaware with an 18% increase and Maryland with an 11.6% rise, driven by local government needs to fund public services like schools and infrastructure.
- Despite a 1.7% decline in average single-family home values to $494,231, property taxes continued to rise, indicating that tax increases are influenced by factors beyond property assessments.
- Property taxes fell in 10 states, mainly in the West, due to policy changes and alternative revenue sources, including Wyoming's 25% tax cut for properties under $1 million and Montana's new rebate and tiered tax system.
- Homeowners in the Northeast, California, and Illinois face the highest property taxes, with New Jersey averaging about $10,500 annually, while West Virginia has the lowest average property tax at $1,081 per home.
