According to ATTOM’s 2023 Property Tax Analysis, for 89.4 million U.S. single family homes, $363.3 billion in property taxes were levied on single-family homes in 2023. That figure is up 6.9% from 2022, and almost double the 3.6% growth seen in 2022. In 2023, the effective tax rate nationwide was 0.87 percent. In 2022 that figure was 0.83 percent. ATTOM says that states with the highest effective property tax rates in 2023 were Illinois (1.88%), New Jersey (1.64%), Connecticut (1.54%), new York (1.46%), and Nebraska (1.46%).
“Property taxes took an unusually high turn upward last year, pushing effective rates up, while huge gaps in average tax bills between different parts of country remained in place…The tax increases were likely connected, at least in part, to inflationary pressures on the cost of operating local governments and schools, along with rising public employee wages and other major expenses.” Said Rob Barber, CEO at ATTOM.
Click here to read the full report at ATTOM.
