High home values, rising mortgage rates, and insurance costs are just some of the challenges for homebuyers in today’s market. According to property data provider ATTOM, rising property taxes are also putting a burden on today’s buyers. In 2024, $357.5 billion in property taxes were levied on single-family homes. Although this is a 1.6% decline from the previous year, the average tax on a single-family home increased by 2.7% to $4,172 in 2024. Nationwide, the average effective tax rate for single-family homes was 0.86% in 2024, which is similar to the 0.87% rate seen in 2023.
The 10 states with the highest effective tax rates in 2024 were all in the Northeast and middle of the country, led by Illinois (1.87 percent), New Jersey (1.59 percent), Connecticut (1.48 percent), Nebraska (1.32 percent), and Ohio (1.31 percent).
The effective rates in all five of those states were slightly lower than the previous year. Rounding out the top 10 in 2024 were Iowa (1.24 percent), New Hampshire (1.23 percent), Kansas (1.22 percent), Vermont (1.22 percent), and Pennsylvania (1.16 percent). Read more
