LendingTree: Property Taxes Rise in Large Metros

(Image courtesy of LendingTree)

LendingTree, Charlotte, N.C., found median property taxes in the U.S. rose by an average of 10.4% from 2021-2023. They also rose in the largest 50 U.S. metro areas during that time period.

In only 11 metros was the increase lower than the national average of 10.4%. Pittsburgh saw the lowest increase, at 4.4%, followed by Philadelphia at 8.2% and Milwaukee at 8.3%.

The largest increase was in Tampa, Fla., at 23.3%, followed by Indianapolis at 19.8% and Dallas at 19%.

Homeowners pay a median property tax of $2,969 annually, or about $247 a month. Homeowners without a mortgage pay a median of $2,474; homeowners who currently have a mortgage pay $3,343.

“It may not seem like an earth-shattering amount of money, but that equates to about $70 to $75 a month that can’t go toward paying bills or reaching other financial goals,” said Matt Schulz, LendingTree Chief Consumer Finance Analyst. “It’s an even bigger deal when you also have a mortgage.”

Among the 50 largest metros, Birmingham, Ala., has the lowest median at $1,091. Also on the lower end are Memphis, Tenn., at $1,856 and Louisville, Ky., at $1,912.

In contrast, the highest property taxes can be found in New York, at $9,937, San Jose, Calif., at $9,554, and San Francisco at $8,156.