Property Taxes Jump 10.4% Since 2021 [New LendingTree Report]

Becoming a homeowner is an exciting milestone, but it comes with less glamorous baggage: property taxes.

According to a new LendingTree analysis, median property taxes in the U.S. rose by an average of 10.4% between 2021 and 2023 (the latest year of available data). And property taxes vary significantly across the 50 largest metros, ranging from $1,091 to $9,937. Here’s what else we found.

• Homeowners pay a median property tax of $2,969 annually, or about $247 a month. Homeowners without a mortgage pay a median of $2,474 in property taxes, while those with a mortgage pay a median of $3,343. 
• Property taxes increased in each of the 50 largest metros between 2021 and 2023. The three metros with the lowest increases are Pittsburgh (4.4%), Philadelphia (8.2%) and Milwaukee (8.3%). In contrast, Tampa (23.3%), Indianapolis (19.8%) and Dallas (19.0%) saw the highest property tax increases.
• Among the 50 largest metros, Birmingham has the lowest median property taxes at $1,091. Memphis and Louisville follow at $1,856 and $1,912, respectively. 
• New York, San Jose, and San Francisco have the highest median property taxes. The median amounts: New York ($9,937), San Jose ($9,554) and San Francisco ($8,156). 

You can check out the full report and rankings here: https://www.lendingtree.com/home/mortgage/real-estate-taxes-in-metropolitan-areas/

LendingTree's Chief Consumer Finance Analyst, Matt Schulz, had this to say:

"There are already so many factors stacked up against homeowners today. The fact that property taxes have risen so quickly just makes a challenging situation that much more difficult. That extra money that has to go to pay taxes is money that can't go toward dealing with high grocery prices, building an emergency fund, growing your retirement savings or other financial goals."