Homeowners face higher property tax bills in 2024, particularly in Maryland, North Carolina, Oklahoma, and Tennessee, as reported by Realtor.com. The national median tax bill rose by 2.8% to $3,500, largely due to a 2% increase in median home values and an increase in property assessment values. Surprisingly, a significant number of properties saw tax bills increase despite stagnant assessment values. The growth of property taxes varies significantly across states, influenced by local policies and housing market dynamics, impacting funding for essential services at the local level.
"Interestingly, 23.4% of properties saw their tax bill go up from 2023 to 2024 without their assessment value increasing, suggesting a tax rate hike independent of home valuation."
"Tax growth also varies widely from state to state, including some states where tax burdens are outpacing home price growth and others where property taxes are falling even as homes appreciate in value."
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