Even as home price growth has slowed and now trails inflation, property tax bills are still climbing across much of the U.S. as assessments catch up to the sharp appreciation of the early 2020s. A new Construction Coverage analysis finds property taxes are now the fastest-growing source of state and local revenue, rising by more than $96 billion (+13.7%) from 2022 to 2024—far outpacing sales and corporate income taxes. The report breaks down effective property tax rates and median taxes paid at the state, county, and city level, revealing stark regional and local disparities.

Even as home price growth has slowed and now trails inflation, property tax bills are still climbing across much of the U.S. as assessments catch up to the sharp appreciation of the early 2020s. A new Construction Coverage analysis finds property taxes are now the fastest-growing source of state and local revenue, rising by more than $96 billion (+13.7%) from 2022 to 2024—far outpacing sales and corporate income taxes. The report breaks down effective property tax rates and median taxes paid at the state, county, and city level, revealing stark regional and local disparities.