FAQs

What is the average annual real estate tax paid in the U.S. in 2023?

The average annual real estate taxes paid in 2023 was $4,112 across the 86 million owner-occupied homes in the U.S.

Which state had the highest average real estate taxes paid in 2023?

New Jersey had the highest average real estate taxes paid in 2023 at $9,572.

What was the average effective property tax rate in the U.S. in 2023?

The average effective property tax rate in the U.S. in 2023 was $9.09 per $1,000 in home value.

Which state had the highest effective property tax rate in 2023?

Illinois had the highest effective property tax rate in 2023 at $18.25 per $1,000 of home value.

Which state had the lowest effective property tax rate in 2023?

Hawaii had the lowest effective property tax rate in 2023 at $3.18 per $1,000 of home value.

Conclusion

Property taxes can vary significantly across states and even within states themselves. Understanding the average annual real estate taxes paid and the effective property tax rate can provide valuable insights for homeowners and policymakers. New Jersey and Illinois were among the states with the highest property taxes, while Alabama and Hawaii had lower averages. Analyzing these trends can help individuals make informed decisions about homeownership and tax planning.