ATTOM released its 2024 property tax analysis for 85.7 million single-family homes, which showed that $357.5 billion in property taxes were levied on single-family homes in 2024, down 1.6 percent from 2023.
The report also showed the average tax on a single-family home rose to $4,172 in 2024, a 2.7 percent increase over the previous year. In 2023, the average tax on a single-family home increased 4.1 percent from 2022.
Nationwide, the average effective tax rate for single-family homes was 0.86 percent in 2024, down slightly from 0.87 percent in 2023. These figures excluded New York, which was omitted from the analysis due to data availability limitations from ATTOM’s third-party source.
The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single-family homes calculated using an automated valuation model. The effective tax rate showed the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.
The drops in effective tax rates seen through much of the country came as estimated home values rebounded to a nationwide average of $486,456, a 4.8 percent year-over-year increase. In 2023, the national average home value dropped for the first time in years, by 1.7 percent from 2022 values, according to ATTOM.
Home mortgage rates, which had been on a steep upward trajectory since mid-2021, leveled off in 2024, but they remained near their highest point over the past decade.
“While rising home values can influence property taxes, they don’t automatically lead to higher bills for homeowners,” ATTOM CEO Rob Barber said in a release. “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. That said, regional disparities remain clear — with higher home values and effective tax rates in parts of the Northeast and Midwest often helping to support more robust local services, compared to the generally lower values and rates in the South and West.”
The 10 states with the highest effective tax rates in 2024 were all in the Northeast and middle of the country, led by Illinois (1.87 percent), New Jersey (1.59 percent), Connecticut (1.48 percent), Nebraska (1.32 percent), and Ohio (1.31 percent). The effective rates in all five of those states were slightly lower than the previous year.
Rounding out the top 10 were Iowa (1.24 percent), New Hampshire (1.23 percent), Kansas (1.22 percent), Vermont (1.22 percent), and Pennsylvania (1.16 percent).
Eight of the 10 states, with the lowest effective tax rates for single-family homes were in the South and West of the country, according to ATTOM’s report. Hawaii had the lowest rate (0.33 percent), followed by Idaho, Arizona, and Alabama all at (0.41 percent), and Delaware (0.43 percent).
Rounding out the list were Utah (0.45 percent), Tennessee (0.46 percent), West Virginia (0.47 percent), Nevada (0.48 percent), and Wyoming (0.49 percent).
Due to the combination of more valuable homes and generally higher tax rates, average tax bills in Northeastern states were the highest in the country, according to ATTOM’s report. New Jersey’s average property tax bill for a single-family home — $10,135, the highest in the nation — was nearly 10 times higher than West Virginia’s $1,027, the lowest.
Following New Jersey, the states with the highest average tax bill were Connecticut ($8,402), New Hampshire ($7,723), Massachusetts ($7,720), and California ($7,131).
The states with the lowest average tax bills after West Virginia were Alabama ($1,200), Arkansas ($1,397), Mississippi ($1,440), and Louisiana ($1,585).