Nationally, throughout the 87 million owner-occupied houses within the U.S., the common quantity of annual actual property taxes paid in 2024 was $4,271, in keeping with NAHB evaluation of the 2024 American Neighborhood Survey. Owners in New Jersey continued to pay the very best actual property taxes, paying a median of $9,767, $2,194 greater than the subsequent closest state, New York, at $7,573. On the opposite finish of the distribution, owners in West Virginia paid the bottom common quantity of actual property taxes at $1,044. The map under exhibits the geographic variation of common annual actual property taxes (RETs) paid.
The 2024 knowledge point out that there isn’t any state the place actual property taxes paid have been on common lower than $1,000, the primary time within the ACS knowledge. There continues to be noticeable variations within the common quantity of taxes paid primarily based on geographic location. States within the Northeast, the place residence values are typically increased, pay extra on common in actual property taxes in comparison with states in different components of the nation.
Common Efficient Property Tax Charges
Whereas common annual actual property taxes paid is vital, it gives an incomplete image. Property values differ throughout states, which explains some, if not most, of the variation throughout the nation in common annual actual property taxes. To regulate for property values and create a extra informative state-by-state evaluation, NAHB calculates the common efficient property tax charges by dividing combination actual property taxes paid by combination worth of owner-occupied housing inside every state. For instance, the combination actual property taxes paid throughout the U.S. was $370.0 billion with an combination worth of owner-occupied actual property totaling $41.7 trillion in 2024. Utilizing these two quantities, the common efficient property tax fee nationally was $8.88 ($370.0 billion/$41.7 trillion) per $1,000 in residence worth. This efficient fee may be expressed as a proportion of residence worth or as a greenback quantity taxed per $1,000 of a house’s worth. The map under shows the efficient fee by state.
Illinois, for the second consecutive yr, had the very best efficient property tax fee at $17.93 per $1,000 of residence worth. Hawaii continued to have the bottom efficient property tax fee at $3.08 per $1,000 of residence worth. Hawaii additionally had the very best common residence worth, at $1.05 million in 2024. Notably, the common efficient property tax fee tends to be increased within the Northeast, along with the presence of upper residence values.
