ATTOM: Average Property Taxes on Single-Family Homes Up 2.7% in 2024
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ATTOM, Irvine, Calif., released its 2024 property tax analysis, finding that the average tax on a single-family home last year was $4,172 in 2024, a 2.7% increase from the previous year.
In 2023, the average tax on a single-family home was up 4.1%.
Overall, $357.6 billion in property taxes were levied on single-family homes, down 1.6% from the previous year.
The effective tax rate for single-family homes was 0.86% last year. That’s down slightly from 0.87% in 2023. ATTOM noted those figures, due to data availability, exclude New York.
The drop in effective tax rates came as estimated home values rebounded to a nationwide average of $486,456, up 4.8% from the previous year.
“While rising home values can influence property taxes, they don’t automatically lead to higher bills for homeowners,” said Rob Barber, CEO at ATTOM. “In many areas, we’ve seen taxes increase not just due to property appreciation, but also because of growing costs to operate local governments and schools or shifts in how tax burdens are distributed.”
Barber continued: “That said, regional disparities remain clear–with higher home values and effective tax rates in parts of the Northeast and Midwest often helping to support more robust local services, compared to the generally lower values and rates in the South and West.”
The five states with the highest effective tax rates were Illinois, at 1.87%, New Jersey, at 1.59%, Connecticut, at 1.48%, Nebraska, at 1.32%, and Ohio, at 1.31%.
The highest average tax bills were in New Jersey, at $10,135, followed by Connecticut, at $8,402, New Hampshire, at $7,723, Massachusetts, at $7,720, and California, at $7,131.
The states with the lowest effective tax rates were Hawaii, at 0.33%, Idaho, at 0.41%, Arizona, at 0.41%, Alabama, at 0.41%, and Delaware, at 0.43%.
The lowest average tax bills were West Virginia, at $1,027, Alabama, at $1,200, Arkansas, at $1,397, Mississippi, at $1,440, and Louisiana, at $1,585.
