Property
United States — Property: Property Taxes
US property tax is set locally; the 2024 American Community Survey shows median real estate taxes paid by owner-occupied units of about USD 3,119 a year.
VerifiedGovernment / official sourceUS Census Bureau — American Community Survey table B25103Last reviewed: 2026-10-23
Why this matters
Understanding property taxes in the US can help individuals plan their budget and make informed decisions about where to live and invest in property.
Key facts
- ACS 5-year 2024 table B25103 reports median real estate taxes paid by owner-occupied units at about USD 3,119 nationally, USD 3,489 with a mortgage and USD 2,576 without; check the table on data.census.gov.
- Median monthly owner costs for homeowners with a mortgage rose to USD 2,035 in 2024 from USD 1,960 in 2023 after inflation adjustment.
- Property tax is levied by local governments, so the amount depends on state, county and city.
- An effective rate can be estimated by dividing median taxes by median home value (ACS table B25077) for the same year and area.
Steps
- Step 1: Research Local Property Tax Rates and Processes — Individuals should research the specific property tax rates and processes in their desired location, including any applicable exemptions or deductions.
- Step 2: Consult with a Tax Professional or Local Government Agency — It is recommended that individuals consult with a tax professional or local government agency to understand their specific property tax obligations and any relevant deadlines or requirements.
- Step 3: Plan Budget and Finances Accordingly — Individuals should factor property taxes into their overall budget and financial planning to avoid any unexpected expenses or financial surprises.