Map Shows Where Property Taxes Rising Faster than Home Values
Summary
Property taxes in many U.S. cities have increased faster than home values between 2022 and 2024, creating a financial challenge for homeowners. A study found that in 46 of the 100 largest metro areas, tax increases have outpaced home price growth, weighing heavily on both new buyers and those who have paid off their homes.Key Facts
- In 46 of the 100 largest U.S. metro areas, property taxes rose faster than home values from 2022 to 2024.
- Nationally, median property taxes increased by 10.6%, while median home values grew by 12.4% in the same period.
- Florida’s Lakeland-Winter Haven area had the largest gap, with property taxes up 28.1% and home values up 14.2%.
- From 2019 to 2024, property taxes in Lakeland-Winter Haven rose 78.6%, while home values increased 74.1%.
- Jacksonville, Florida, saw property taxes rise 21.7%, but home values increased only 8.1%.
- In Denver-Aurora-Centennial, Colorado, property taxes increased 19.1%, much faster than the 5.7% rise in home values.
- A 2020 voter decision in Colorado ended a tax law that helped balance property tax bills between homes and businesses, causing residential property taxes to climb.
- Rising property taxes add to other higher costs for homeowners, like insurance, association fees, and borrowing costs, making housing less affordable especially for first-time buyers and seniors.
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