Property taxes are generally wrapped into mortgage payments to ensure that a home does not incur a lien or, in the worst case, foreclosure, as explained in a new report from SmartAsset.
Even after the mortgage ends, property taxes remain a lifelong homeowner expense. They pay for local services, including schools, infrastructure, and police and fire support.
How much a homeowner owes will vary from place to place and may change over time. And although discounts and exemptions may be available, SmartAsset said it is important for homeowners to plan for property taxes in their short- and long-term budget.
SmartAsset ranked 342 of the largest U.S. cities, those with a population of 100,000 or more, to pinpoint where homeowners pay the most in property taxes in relation to their homes’ market values. Researchers gathered data from the Census Bureau’s 1-Year American Community Survey for 2023.
See the accompanying gallery for the 10 cities with the highest property taxes, ranked by median annual real estate taxes paid as a percentage of the median home value for owner-occupied homes with a mortgage. Cited amounts of exactly $10,000 may actually be higher than $10,000.
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