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April 4, 2024

Report: CT has second-highest property taxes in country

Contributed A heat map showing effective property tax rates in Connecticut and the region.
By Andrew Larson

Connecticut was among the states with the highest property taxes in the country in 2023, according to a report from the real estate data company ATTOM released Thursday.

Connecticut’s average tax on a single-family home was the second-highest in the United States at $8,022 – about twice the national average. Only New Jersey had a higher average property tax ($9,488).

They were followed by New York ($7,936), Massachusetts ($7,414) and New Hampshire ($7,172) as the top five states with the highest average property tax on a single-family home.

Nationally, the average tax on a single-family home was $4,062, an increase of 4.1% from 2022. 

The study found that single-family homeowners’ property taxes rose 7% in 2023, totalling a $363 billion levy. It was the largest jump in the past five years, according to the study.

 

Connecticut also had the third-highest effective property tax rate in the country at 1.54%.

The state with the highest effective property tax rate was Illinois (1.88%), followed by New Jersey (1.64%). The other states in the top five were New York (1.46%) and Nebraska (1.46%).

The lowest effective property tax rates were in Hawaii (0.31%), Arizona (0.41%), Alabama (0.42%), Delaware (0.43%) and Tennessee (0.44%).

The effective tax rate nationwide was 0.87% – up slightly from 0.83% in 2022, according to ATTOM.

The highest effective rates among metro areas with a population of at least 1 million were in Chicago (1.84%); Rochester, New York (1.77%) and Hartford (1.76%).

Nationally, the increase in the effective tax rate last year was driven by a combination of declining home values and rising tax bills, the report says. Across the U.S., the average home value dropped 1.7% in 2023.

"Property taxes took an unusually high turn upward last year, pushing effective rates up, while huge gaps in average tax bills between different parts of the country remained in place," said Rob Barber, CEO of ATTOM. "The tax increases were likely connected, at least in part, to inflationary pressures on the cost of operating local governments and schools, along with rising public employee wages and other major expenses."

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