Property taxes are surging. See what homeowners by state and county.

Property tax bills across the United States increased significantly last year, with the national average rising by 3.7% to reach $4,427 per homeowner, according to recent analysis of state and county data. This increase occurred during 2023, a period when the typical home value actually declined in many markets, creating a financial squeeze for homeowners nationwide as their tax obligations grew while their primary asset lost value. The rise in property taxes, which outpaced the general rate of inflation, highlights a growing disconnect between housing market valuations and municipal revenue needs. Local governments, which rely heavily on property taxes to fund essential services like schools, police, and infrastructure, have maintained or increased tax rates despite falling home values in many areas. This phenomenon has been particularly pronounced in counties with high property values and those facing budgetary pressures from increased service demands. Analysis by state and county reveals substantial geographic variation in this trend. Homeowners in states with traditionally high property taxes, such as New Jersey, Illinois, and Connecticut, continue to face the heaviest burdens, while some regions with rapid home price appreciation in previous years are now seeing tax bills climb even as market corrections occur. The situation underscores ongoing debates about tax fairness, assessment methodologies, and the sustainability of local government financing models that depend heavily on property values that can fluctuate significantly.