Property taxes for U.S. single-family homes soared to $363 billion in 2023, a nearly seven percent increase from 2022 and the most dramatic surge in five years, according to an April report from real estate data analytics firm ATTOM.
The analysis, compiled with data from 89.4 million homes, revealed that the increase in property taxes from 2022 to 2023 was almost double the growth rate from 2021 to 2022.
The average single-family property household paid $4,062 in property taxes last year, but 21 counties had an average annual property tax greater than $10,000 — 12 of which are in the New York City metropolitan area.
The highest average was in Essex County, New Jersey, with single-family homeowners paying about $13,145 in 2023.
Real estate experts have cited “inflationary pressures” as a factor as to why the taxes have increased so much.
“Property taxes took an…
