A new analysis found that in 46 of the 100 largest U.S. metropolitan areas, property taxes rose faster than home values from 2022 to 2024, with Florida posting the widest gaps.
Here's what to know
ConsumerAffairs conducted its analysis using the U.S. Census Bureau figures on median home values and median property taxes.
Nationally, the picture was milder than in the hardest-hit metros. As Newsweek reported, median property taxes paid by Americans increased 10.6% from 2022 to 2024, while average home value rose 12.4%. But several metros in the South and West bucked that pattern, with tax growth far exceeding gains in home values.
The widest gap appeared in the area covered by the Florida cities of Lakeland and Winter Haven, where home values rose 14.2% but the typical homeowner's property tax bill climbed 28.1%. In that same metro, taxes rose 22.4% for homeowners without a mortgage and 31.5% for homeowners with a mortgage.
Second place went to another Florida city — Jacksonville — where property taxes rose 21.7% as home values increased just 8.1%.
The Denver-Aurora-Centennial area of Colorado placed third, with property taxes climbing 19.1% and home values rising 5.7%. Colorado Springs was fourth, with taxes up 17.3% and home values up 4.7%.
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Birmingham, Alabama, rounded out the top five, with a tax increase of 17.6% and home value growth of 6.6%.
More background
Rising property taxes add to the strain on homeowners already dealing with higher insurance, borrowing costs, and other housing-related expenses.
The roots of this appear to involve the pandemic-era housing surge. Data cited by Newsweek showed that average U.S. home values rose by nearly $100,000 from 2020 to 2022 — roughly 17% per year.
As property assessments caught up, that sharp appreciation increased home equity for many owners while also pushing tax bills higher.
ConsumerAffairs said the squeeze has been especially severe for first-time buyers and older adults on fixed incomes. In some cities, policy shifts and assessment timing also made some increases more significant.
Newsweek did note the imbalance wasn't as jarring in some areas when looked at over a longer period. In Lakeland-Winter Haven, from 2019 to 2024, for example, property taxes rose 78.6% and home values increased 74.1% — a much smaller gap than the one recorded between 2022 and 2024.
Where can I learn more?
Homeownership has become more and more expensive as home values and household budgets soar across the country:
• In Texas, skyrocketing insurance premiums are adding yet another strain to household budgets.
• Nationwide, rising homeowners insurance rates are becoming a deeper housing affordability problem.
• In parts of the U.S., climate-driven insurance risk is starting to reshape home prices.
• Federal regulators warn climate-related housing risks could ripple through mortgages and home values.
• Across the country, insurance nonrenewal rates are leaving more homeowners exposed to sudden costs.
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