Published on 29 Apr 2024 on Insider Monkey via Yahoo Finance
15 States With the Lowest Property Taxes in the US
In this article, we will look into the 15 states with the lowest property taxes in the US. If you want to skip our detailed analysis, you can go directly to the 5 States With the Lowest Property Taxes in the US.
Property Taxes in the US
On April 4, the real estate and property data curator, ATTOM released a report on property tax analysis for single-family homes in the United States. According to the report, a total of $363.3 billion in property taxes were collected from single-family homes in 2023, representing a 6.9% increase from the taxes levied in 2022. This marks the highest increase in the past five years in the US. The report shows that the average tax in the US increased by 4.1%, reaching $4,062 in 2023. In 2023, the effective tax rates increased throughout the year, even with declining home value and rising tax bills. The average home value dropped by 1.7%, as median home sale prices declined. These factors altogether resulted in a slight increase in effective rates. For 2024, the rate trends will rely majorly on home mortgage rates and market rebound. You can also check out the