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Tampa Residents See Highest Property Tax Increase in Nation

According to a recent analysis by LendingTree, property taxes rose in every one of the 50 largest U.S. metropolitan areas between 2021 and 2023. The national median property tax increased by 10.4% during this period, with Tampa, Florida, experiencing the most significant jump at 23.3%.

Homeowners across the country now pay a median of $2,969 annually in property taxes, equating to approximately $247 per month. Those with mortgages tend to pay more, with a median annual tax of $3,343, compared to $2,474 for homeowners without mortgages. This disparity is partly due to escrow arrangements commonly associated with mortgage payments.

The study highlights that property tax increases were not uniform across all metros. While Tampa led with the highest increase, other cities such as Indianapolis (19.8%) and Dallas (19.0%) also saw substantial hikes. Conversely, Pittsburgh experienced the smallest increase at 4.4%, followed by Philadelphia (8.2%) and Milwaukee (8.3%).

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In terms of absolute tax amounts, New York City residents pay the highest median property taxes at $9,937 annually. Other high-tax metros include San Jose, California ($9,554), and San Francisco ($8,156). On the other end of the spectrum, Birmingham, Alabama, boasts the lowest median property tax at $1,091, followed by Memphis, Tennessee ($1,856), and Louisville, Kentucky ($1,912).

Effective tax rates, which represent the percentage of a home’s value paid in taxes, also vary widely. Buffalo, New York, has the highest effective tax rate at 2.11%, while homeowners in Birmingham and Phoenix enjoy the lowest rates at 0.48%.LendingTree

These variations in property tax burdens underscore the importance for prospective homeowners to consider local tax rates when evaluating a home’s overall affordability. As property taxes continue to rise in many areas, they remain a significant factor in the total cost of homeownership.

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