New LendingTree data shows property taxes rose in 2024, hitting mortgaged buyers hardest across all 50 major US metros
American homeowners are paying more in property taxes than ever before, and for those still carrying a mortgage, the burden is especially sharp.
The median United States property tax bill reached $3,119 in 2024, roughly $260 a month, according to a new LendingTree analysis of US Census Bureau American Community Survey data.
That marks a 5.1% increase, or $150, from 2023, extending a trend that has seen national property taxes climb 30% between 2019 and 2024, according to the Institute on Taxation and Economic Policy.
Mortgaged homeowners bore a disproportionate share of that load. Those with an outstanding home loan paid a median of $3,489 annually — $913 more than mortgage-free owners, who paid $2,576.
More than half of all mortgaged households (56.1%) paid $3,000 or more in 2024.
Matt Schulz, LendingTree chief consumer finance analyst, said the gap matters more than most buyers realize.
"When considering the costs of homeownership, too many people take too narrow a view," he said.
"They think about the home price, interest rates and closing costs, but they don't always consider other recurring costs over the long run, including property taxes, homeowners association fees and insurance."
Brokers working with first-time buyers are already flagging the issue. As Mortgage Professional America has reported, the overall cost of homeownership has shown signs of moderating, but property taxes remain a persistent pressure point, particularly in Sun Belt metros still catching up on post-pandemic reassessments.
Read more: New buyers in hot markets face outsized property tax hit, report finds
Where taxes are climbing fastest
Property taxes rose in all 50 of the largest US metros between 2023 and 2024, with Tampa, Fla., posting the largest increase at 7.7%, followed by Denver (7.4%) and Miami (7.1%).
Florida's reliance on property and sales taxes, given the state's lack of a personal income tax, has made it a persistent hotspot. Proposals to restructure Florida's property tax system have drawn attention from originators concerned about their impact on first-time buyers.
On the other hand, Milwaukee (0.7%), Phoenix (1.0%) and Memphis, Tenn. (1.1%) saw the smallest increases.
Buffalo, N.Y., carries the heaviest effective tax rate at 2.00% of home value, ahead of Chicago (1.98%) and Cleveland (1.67%).
Read more: Florida home values could soar if DeSantis axes property tax
Phoenix and Las Vegas have the lowest effective rates, at 0.44% and 0.48%, respectively.
New York homeowners face the steepest median bill outright, exceeding $10,000 annually, followed by San Jose, Calif. ($9,901) and San Francisco ($8,522).
Among the 10 highest-tax metros, four are in California and two are in Texas, where annual reassessments and high local rates drive bills in Austin and Dallas well above those in coastal markets with lower effective rates.
What brokers should tell their clients
For mortgage professionals, the data reinforces a familiar message: the true cost of homeownership extends well beyond principal and interest.
Schulz put it plainly: "If you're not considering all these costs and more when thinking about how much house you can afford, you're doing yourself a disservice."
Research on the hidden costs of homeownership has consistently shown that taxes, insurance and maintenance are among the least-budgeted line items for new buyers, and in a market where affordability remains strained, that gap has real consequences for qualifying and long-term retention.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
