slot tournament Where Are Property Taxes Rising the Most?

Updated:2024-12-11 03:18 Views:139

Over the past five years, property taxes have gone up in nearly every American metro area, according to a report from Redfin. But one region is getting hit harder than others.

In the southeastern part of the United States, mainly in Florida, the median property tax payment is soaring — the result of a combination of higher home values, escalating natural disasters and population growth, according to Redfin.

To determine where taxes rose the most nationwide, researchers analyzed property tax records and multiple listing service (MLS) statistics in the 50 most populated metropolitan areas, comparing house payment data from 2019 and 2024, through August in both cases.

Overall, Indianapolis saw the greatest percentage increase in property taxes, with homeowners paying a median of $205 a month — up nearly 67 percent from 2019. Next was Atlanta, where property taxes increased by almost 66 percent, to $239 a month. Redfin’s analysis found that rising home values and inflation were among the “major drivers” for the higher taxes in both metro areas, adding that Atlanta was also affected by an increase in budgets for parks and city operations.

Homeowners in several Florida metros experienced the next five largest percentage increases in property taxes. In Jacksonville, the median payment increased almost 60 percent, to $228 a month. Payments in Tampa were up by nearly 57 percent, to $250 a month. Rounding out the top five were Miami (up 48 percent) Fort Lauderdale (48 percent) and Orlando (47 percent).

The study pointed to three causes for the tax surge in Florida: First, the rise in assessed home values following pandemic home price increases. Second, the state’s growing population, which has led to the need for more municipal services funded by local property taxes. And finally, with no state income tax and worsening natural disasters, Florida depends more heavily on property taxes to fund climate resiliency projects.

Property Tax Hikes

A recent study revealed the metro areas where median property taxes rose most from 2019 to 2024, through August of both years.

2024 MEDIAN

MONTHLY

PROPERTY

TAXES

CHANGE

SINCE

2019

METRO

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

Indianapolis

Atlanta

Jacksonville, Fla.

Tampa, Fla.

Miami

Fort Lauderdale, Fla.

Orlando, Fla.

Fort Worth

San Antonio

Dallas

Seattle

West Palm Beach, Fla.

Austin, Texas

Denver

Oakland, Calif.

$205

$239

$228

$250

$367

$426

$262

$508

$449

$573

$545

$419

$697

$249

$608

67%

66%

60%

57%

48%

47%

44%

43%

41%

39%

38%

34%

2024 MEDIAN MONTHLY

PROPERTY TAXES