Property taxes rose 4 percent to an average of $3,498 per home last year, outpacing inflation in the face of a new deduction cap for state and local taxes.
CNBC reports that New Jersey homeowners are facing the highest average property taxes, at $8,870, along with other coastal states like Connecticut ($7,222), New York ($6,947), and New Hampshire ($6,253). Alabamans are paying the lowest property taxes, at just $788 per home on average.
Property taxes have been a hot-button issue of late because of a $10,000 cap on deducting state and local taxes that was imposed as part of the Republican-led tax overhaul. Some homeowners in high-tax states have said the so-called SALT deduction cap means they owe the IRS this year, instead of getting refunds they received in previous years.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development