Pay The Tax Man: The Growth Rate for Property Taxes Nationally Nearly Doubled in 2023

Pay The Tax Man:  The growth rate for property taxes nationally nearly doubled in 2023 compared to 2022 from 3.6 percent to 6.9 percent. 

ATTOM recently shared their information on 89.4 million single-family homes in the U.S. and found that $363.3 billion in property taxes were levied in 2023; up from $339.8 billion in 2022.The states with the highest effective property tax rates came from the Northeast and Midwest. The top five include Illinois, New Jersey, Connecticut, New York, and Nebraska.  When it comes to Metro areas with a population of at least 1 million, the areas with the largest increases in average property taxes from 2022 to 2023 were Charlotte, NC (+31.5%); Indianapolis, IN (+18.8%; Kansas City, MO (+16.8%); Denver, CO (+15.7%) and Atlanta, GA (+15.2%). The Charlotte Metro area was heavily impacted by the significant appreciation of home values in combination with the Mecklenburg County tax reassessment.

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