Homeowners face rising expenses across mortgages, insurance, and taxes, with property taxes representing a significant burden. Realtor.com economists' report suggests nearly half of Americans could benefit from protesting their tax assessments, with a median U.S. property tax bill of $3,500 in 2024. Approximately 40.5% of properties may be eligible for lower assessments. Realtor.com's new tool compares property values, aiding homeowners in their appeals for potential savings. The report indicates that the median property could save over $539, reflecting a notable 15.4% reduction associated with protesting assessments.
The report highlights that almost half of Americans can save on property taxes by protesting their assessments, with 40.5% of properties potentially benefitting nationwide.
A new tool from Realtor.com enables homeowners to compare their property's assessment value with similar homes, providing data to support appeals.
According to the report, the median property tax bill in the U.S. rose to $3,500 in 2024, up 2.8% from the previous year.
Homeowners could see significant property tax savings, with the median identified property potentially saving over $539 annually, translating to a 15.4% reduction.
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