Property tax rates on single-family homes in the United States surged by nearly 7% in 2023, reaching more than $363 billion, a report found.
ATTOM recently released a property tax analysis where it found that, for 89.4 million single-family homes in the country, property taxes surged by 6.9% in 2023. That is nearly double the 3.6% growth rate reported in 2022 and also marks the largest increase recorded over the past five years.
The firm analyzed property tax data collected from county tax assessor offices across the country at the state, metro, and county levels. They also include an estimated market value of single-family homes in each location.
Where Property Taxes Are Highest
Property taxes are calculated based on the local tax rate and property value, which is why the actual amount varies.
Of all US states, those in the Midwest and Northeast regions saw the highest effective property tax rates in 2023, with rates going above 1%. Below, we listed the tax rate, the average value of a single-family home, and the annual property tax for the 10 states with the highest rate, per the report.
1. Illinois
Property Tax Rate: 1.88%
Average Home Value: $298,054
Annual Property Tax on Average-Value Home: $5,600
2. New Jersey
Property Tax Rate: 1.64%
Average Home Value: $577,821
Annual Property Tax on Average-Value Home: $9,488
3. Connecticut
Property Tax Rate: 1.54%
Average Home Value: $522,453
Annual Property Tax on Average-Value Home: $8,022
4. Nebraska
Property Tax Rate: 1.46%
Average Home Value: $286,840
Annual Property Tax on Average-Value Home: $4,183
5. New York
Property Tax Rate: 1.46%
Average Home Value: $543,086
Annual Property Tax on Average-Value Home: $7,936
6. Ohio
Property Tax Rate: 1.37%
Average Home Value: $258,000
Annual Property Tax on Average-Value Home: $3,539
7. Pennsylvania
Property Tax Rate: 1.33%
Average Home Value: $315,163
Annual Property Tax on Average-Value Home: $4,187
8. Vermont
Property Tax Rate: 1.29%
Average Home Value: $483,169
Annual Property Tax on Average-Value Home: $6,225
9. Kansas
Property Tax Rate: 1.26%
Average Home Value: $274,933
Annual Property Tax on Average-Value Home: $3,463
10. Iowa
Property Tax Rate: 1.25%
Average Home Value: $243,561
Annual Property Tax on Average-Value Home: $3,038
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