If you’re buying a house and haven’t thought about property tax, you should. It can add hundreds of dollars to your monthly household expenses and, according to one new study, it’s rising. ATTOM Data Solutions released its 2024 property tax analysis for 85.7 million single-family homes across the country and it shows the average annual tax rose to $4,172 last year – a 2.7 percent increase over the year before. Rob Barber, ATTOM’s CEO, says higher property tax isn’t just about home values. “While rising home values can influence property taxes, they don’t automatically lead to higher bills for homeowners,” Barber said. “In many areas, we’ve seen taxes increase not just due to property appreciation, but also because of growing costs to operate local governments and schools or shifts in how tax burdens are distributed.” In other words, it’s complicated. But regardless of the cause, increasing property tax is a good reason for buyers to get an idea of what they’d be paying on homes they’re considering buying. If nothing else, it’ll help avoid an unpleasant surprise further down the road. (source)
