![Property Taxes Up 5.1%, Rising in Every Metro Nationwide [New LendingTree Report]](https://realtytimes.com/images/147882299_l_normal_none_SM.jpg#joomlaImage://local-images/147882299_l_normal_none_SM.jpg?width=800&height=533)
No matter where homeowners live, property taxes are heading in one direction: upward.
According to a new LendingTree analysis, median property taxes in the U.S. rose by an average of 5% between 2023 and 2024 (the latest year of available data). Median property taxes vary significantly across the 50 largest metros, ranging from $1,156 to more than $10,000. Here’s a closer look at what we found.
- Median property taxes hit $3,119 annually ($260 monthly) in 2024, up 5.1% ($150) from 2023. Homeowners with mortgages pay $3,489 — $913 more than those without ($2,576).
- Property taxes rose in every major metro from 2023 to 2024, led by Tampa, Fla. (7.7%), Denver (7.4%), and Miami (7.1%). Milwaukee (0.7%), Phoenix (1.0%), and Memphis, Tenn. (1.1%) saw the smallest increases.
- Birmingham, Ala., has the lowest median property taxes among the 50 largest metros at $1,156. Memphis ($1,877) and Phoenix ($1,947) follow.
- New York has the highest median property taxes at more than $10,000, followed by San Jose, Calif. ($9,901) and San Francisco ($8,522). Among the 10 highest-tax metros, four are in California, and two are in Texas.
- Phoenix (0.44%), Las Vegas (0.48%), and Birmingham (0.48%) homeowners pay the smallest share of their home value in property taxes. Buffalo, N.Y. (2%), Chicago (1.98%), and Cleveland (1.67%) pay the most.
You can check out the full report here: https://www.lendingtree.com/home/mortgage/real-estate-taxes-in-metropolitan-areas/
LendingTree's Chief Consumer Finance Analyst, Matt Schulz, had this to say:
“Property taxes are one of those costs that homeowners can’t really shop around for, and that can make these increases especially frustrating. So many other costs of homeownership are sky-high, so even a relatively modest tax hike can stretch a household budget pretty thin. In many cases, people may feel house-rich but cash-poor, especially in markets where home values have climbed far faster than incomes.”
