LendingTree's analysis of property tax increases from 2021 to 2023 indicates a nationwide rise of 10.4% in property taxes, with a median annual payment of $2,969 among homeowners in the 50 largest metro areas. Notably, Tampa saw the most substantial increase at 23.3%, followed by Indianapolis and Dallas. This spike in costs underscores the importance for homeowners to be aware of their local tax rates, especially as regions with lower costs of living, like Birmingham, often have lower property taxes compared to high-cost areas like New York City. Understanding these dynamics is crucial for budgeting homeownership expenses.
Property taxes rose by 10.4% nationwide from 2021 to 2023, with homeowners in the largest U.S. metros paying a median of $2,969 annually.
The biggest increase in property taxes was noted in Tampa, where taxes soared by 23.3%, followed by significant increases in Indianapolis and Dallas.
Southern metros frequently show lower property taxes coupled with a lower cost of living, in contrast to pricier areas in the Northeast and West Coast.
New York City tops the ranking for the highest property tax costs, contrasting sharply with Birmingham, Alabama, which has the lowest.
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