H
omeowners face significant ongoing expenses in the form of property taxes, which fund local government services such as infrastructure and schools. The tax amount is calculated based on a home's value and location, with more valuable homes typically resulting in higher tax bills. Home values are re-evaluated annually, leading to potential changes in property tax bills.

    According to Realtor.com senior economist Joel Berner, many homeowners may not realize they can protest their home's assessed value, which could result in significant savings. In fact, over 40% of properties nationwide could save at least $100 by protesting the assessment, with a median savings of over $500.

    Property taxes have become a contentious issue among politicians, with some advocating for their complete elimination. Recently, Florida Governor Ron DeSantis reiterated his goal of eliminating property taxes in the state, which would make it the only state without both income and property tax.

    The states with the highest median property tax amounts are New Jersey ($9,413), New Hampshire ($7,715), Connecticut ($6,944), Washington ($6,338), and New York ($6,096). Conversely, Indiana, Alabama, West Virginia, and Arkansas have the lowest median property tax amounts. The median U.S. property tax bill in 2024 was $3,500, driven largely by home price appreciation.