Even as home price growth has slowed and now trails inflation, property tax bills are still climbing across much of the U.S. as assessments catch up to the sharp appreciation of the early 2020s.
A new analysis from Construction Coverage breaks down property tax rates by state, county, and city to reveal where homeowners have the greatest burden.
Key Takeaways, With Data for New York State
- Property taxes in New York State. Homeowners in New York State pay a median $6,542 in property taxes each year, with an effective property tax rate of 1.227% for owner-occupied homes. Overall, homeowners in New York State pay the 10th most in property taxes in the nation.
- Nationally, property taxes continue to rise even as the housing market cools. While home price growth has slowed and now trails general inflation, property tax bills in many areas are still climbing as assessments catch up to the sharp appreciation of the early 2020s.
- Overall, property taxes are the fastest-growing source of state and local revenue. From 2022 to 2024, property tax revenue increased by more than $96 billion (+13.7%) in the U.S., far outpacing growth in sales and corporate income taxes and offsetting a decline in individual income tax revenue.
The full report covers effective property tax rates for owner-occupied homes, as well as median property taxes paid for owner-occupied homes—with detailed breakdowns at the state, county, and city level.