Property taxes on single-family homes are skyrocketing

And three New England states are leading the way with some of the highest rates.

Connecticut has one of the highest effective property tax rates in the country. Adobe Stock

April 7, 2023

The average tax on single-family homes shot up 3% in the United States in 2022, according to a report ATTOM, a data analytics firm, released April 6.

The nation saw a 1.8% increase the previous year.

A total of $339.8 billion in property taxes were levied on 87 million single-family homes, 3.6% more than the year before, according to the report.

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 was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.”

Three New England states had some of the highest effective property taxes in 2022. The top 10 were:

Rank	State
1	New Jersey
2	Illinois
3	Connecticut
4	Vermont
5	Nebraska
6	Pennsylvania
7	New Hampshire
8	Ohio
9	New York
10	Iowa

Source: ATTOM

The states with the lowest effective tax rates were:

Rank	State
50	Hawaii
49	Alabama
48	Arizona
47	Colorado
46	Tennessee
45	Utah
44	Nevada
43	Idaho
42	South Carolina
41	West Virginia

Source: ATTOM

When looking at the effective tax rate, the nation saw a decline even as the total taxes levied rose “because home values went up faster than taxes yet again around the country last year.”

The report calculated that the average single-family home’s estimated value rose 7.9% year over year.

ATTOM warned that “the downward trend in effective rates could easily reverse if a drop in home values that began in the second half of last year and continues in 2023.”