In 2024, the average effective tax rate on properties decreased to 0.86% amid a rebound in property values, which increased by 4.8% nationally. Although higher home values often raise concerns over increasing tax bills, ATTOM CEO Rob Barber emphasized that rising values do not automatically correlate with higher taxes for homeowners. Many factors, including local government and school operating costs, influence tax rates. The Northeast continues to have the highest tax burdens, with Illinois at 1.87%, while lower rates are found in the South and West, particularly Hawaii with 0.33%.
The average effective tax rate for 2024 dipped to 0.86%, as property values rebounded by 4.8% after a previous year’s decline.
According to ATTOM CEO Rob Barber, while rising home values can impact property taxes, they do not necessarily lead to higher bills for all homeowners.
Illinois had the highest average effective tax rate in 2024 at 1.87%, followed by New Jersey, Connecticut, Nebraska, and Ohio with rising burdens.
Despite lower effective tax rates, the Northeast states had the highest dollar tax bills, reflecting a significant difference in home values.
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