Homeowners across the U.S. who benefited from soaring home prices in recent years are now feeling the squeeze of sharply higher property tax bills. According to new data from Redfin, the dollar amount of property tax collections has jumped nearly 30% nationwide since 2019, despite a drop in the average effective tax rate.

The report revealed that monthly property tax bills have increased in 48 of the 50 largest U.S. metros, with Las Vegas and Pittsburgh being the only exceptions, where increases were limited to 4.3% and 1.7%, respectively.

"Even though the effective tax rate has dropped, the total tax burden for homeowners is up because they're paying more in actual dollars," said Elijah de la Campa, a senior economist at Redfin. "The average effective tax rate fell to 0.67% from 0.77% in 2019 because home prices have risen faster than local tax rates. But for many homeowners, monthly payments are higher, reflecting the reality of higher property valuations."