Housing costs have increased over the last several years, but the a home's price tag alone is not the only factor driving up costs. Property taxes are an ongoing cost of homeownership that affects affordability for both mortgage holders and those without mortgages. Nationally, property tax payments increased by an average of 5.5% from 2023 to 2024 and by 27.4% since 2019, according to National Mortgage Professional, citing recent research from property data provider CoreLogic. In 2024, the median property tax payment in the U.S. was $3,018, with Colorado, Georgia, and Florida seeing the highest annual increases at 10.6%, 10.3%, and 9.5%, respectively.
Those states also experienced the largest increases since 2019, at 52.9%, 51.5%, and 47.5%, respectively. Per CoreLogic's report, Colorado home prices have grown 47% since 2019, Georgia home prices have grown 65%, and Florida home prices have grown 73% against a national average of 51.6%. Read more
