Property Taxes On Single-Family Homes Increased In 2023

Property taxes
Although home values dropped slightly across the country, single-family home property taxes rose in 2023.

Home ownership comes with many joys, but also some financial burdens. One of those being property taxes, which unfortunately saw a significant jump in 2023. According to a recent report by ATTOM Data Solutions, a leading real estate data provider, these taxes on single-family homes rose by a whopping 6.9% nationwide. This translates to a national average of $4,062 per homeowner, a 4.1% increase from the previous year.

Reasons for the increase in property taxes

This figure marks the highest increase in property taxes in five years, putting a strain on many household budgets. The reasons behind the surge are complex, but can potentially include factors like:

  • Rising costs: Local governments may be facing increased operational expenses, leading them to raise taxes on properties to bridge the gap.
  • Limited commercial growth: If commercial real estate isn’t generating enough tax revenue, the burden might shift to residential properties.
  • Increased home values (in some areas): While national home values dipped slightly by 1.7% in 2023, some regions might have seen valuations rise, leading to higher property tax bills.

Summary

Here are some takeaways for homeowners:

  • Be proactive: Research your local property tax rates and understand how they’re determined.
  • Challenge your assessment: If you believe your home’s valuation is inaccurate, you may be able to appeal it with your local tax assessor’s office.
  • Budget accordingly: Factor in rising property taxes when creating your financial plan.

Owning a home is a long-term investment, and property taxes are a reality. By staying informed and taking proactive steps, homeowners can navigate these financial fluctuations and make informed decisions about their biggest asset.

Are you looking to buy or sell a property in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to take the power of the South Florida MLS with you by downloading our free Florida Home Search app!

By natasha moore

REALTOR® with Live South Florida Realty, Inc.