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Property Tax Bills Soar Amid Pandemic-Driven Home Price Surge

Monthly tax payments spike despite falling effective rates.

By Mario Marroquin | October 30, 2024 at 05:20 AM

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.

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