2023 saw a 6.9% increase in US property taxes to $363.3 billion, with average property tax bill at $4,062 and Illinois having the highest effective rate.
2023 saw the fastest rise in property taxes in the US in five years, with the average property tax bill now standing at $4,062 per year. Total property taxes reached $363.3 billion, an increase of 6.9% from 2022. Illinois had the highest effective property tax rate, and US homeowners paid over $4,000 in property taxes on average in 2023, marking a significant increase compared to the 3.6% rise in 2022.
April 04, 2024
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