Stark regional variations emerged in 2024 property tax information, as charges and levied totals pulled again nationally, however on the identical time the common quantity owed headed upward, in response to a brand new report.
U.S. householders paid a mean of $4,172 in property taxes in 2024, a 2.7% enhance from the earlier 12 months, the report from actual property information supplier Attom stated. The tempo moderated from 2023, although, when the imply quantity had jumped up 4.1%.
The upper 2024 quantity comes as estimated house values accelerated to a imply of $486,456, surging 4.8% from the prior 12 months. The most recent quantity rebounded from 2023, when common property values decreased for the primary time in years, Attom stated.
Total, taxes levied on single-family properties throughout the U.S. in 2024 totaled $357.5 billion, which was down 1.6% 12 months over 12 months. The worth generated got here off a mean efficient tax price of 0.86% in 2024, which additionally inched downward from 0.87% a 12 months earlier.
An array of things go into residential tax invoice calculations every year, leading to why collected income would possibly shrink as common payments and residential values enhance, in response to Attom CEO Rob Barber.
“Whereas rising house values can affect property taxes, they do not routinely result in greater payments for householders,” he stated in a press launch. “In lots of areas, we have seen taxes enhance not simply as a result of property appreciation, but in addition due to rising prices to function native governments and colleges or shifts in how tax burdens are distributed.
“Regional disparities stay clear—with greater house values and efficient tax charges in elements of the Northeast and Midwest typically serving to to assist extra sturdy native providers, in comparison with the widely decrease values and charges within the South and West,” Barber added.
The report comes off an evaluation of county assessor information throughout the nation that included 85.7 million properties, with estimated house costs calculated from an automatic valuation mannequin. New York State was excluded as a result of lack of obtainable information.
Even with the omission of Empire State numbers, Northeastern residents have been extra prone to see the best tax payments. New Jersey led the nation with a mean of $10,135, adopted by Connecticut at $8,402 and New Hampshire and Massachusetts with near-identical ranges of $7,723 and $7,720.
West Virginia posted the smallest common invoice at $1,027, with Alabama subsequent at $1,200.
The Northeast and Central a part of the nation accounted for the best state tax charges, making up all the prime 10. Illinois led the nation with a mean of 1.87%, adopted by New Jersey and Connecticut at 1.59% and 1.48%.
On the opposite finish, the bottom tax charges have been scattered throughout the nation however discovered principally within the South and West. Hawaii got here in on the backside with a mean of 0.33%, adopted by Idaho, Arizona and Alabama, all at 0.41%. Delaware residents noticed a imply 0.43% property tax price.
Among the many largest cities with 1 million or extra residents, the Northeast and Central U.S. once more topped the checklist with the best property tax charges. Chicago completed on prime at a mean of 1.91%. In second was Hartford, Connecticut, with a price of 1.71%. Two Ohio cities, Cleveland and Columbus adopted at 1.65% and 1.45%.
