Every major metro in the U.S. experienced an increase in property taxes between 2023 and 2024, according to a new report from LendingTree.

According to the analysis, median property taxes jumped by an average of 5.1% — amounting to $150 per household — during that time frame.

The median tax amount reached $3,119 annually in 2024 (the most recent year of available data). Homeowners carrying a mortgage were disproportionately impacted, according to the study, with a $913 gap above those who own their homes — $3,489 versus $2,576.

While all metros experienced an increase, some regions were hit harder than others. Tampa, Fla., saw the largest spike at 7.7%, followed by Denver (7.4%) and Miami (7.1%). Four of the top 10 increases were seen in Florida, which could be explained by the state relying on property taxes for revenue due to its lack of income taxes, LendingTree observed.

The smallest increases were in Milwaukee (0.7%), Phoenix (1%) and Memphis, Tenn. (1.1%).

Matt Schulz, LendingTree’s chief consumer finance analyst, said that while lower property tax bills may feel like a good thing, there could be potential trade-offs.

“For one, the typical property tax bill could be lower because home prices in the area are lower or stagnant, making it harder for homeowners to build equity,” Schulz noted. “Also, in many areas, schools rely on property taxes heavily, so lower taxes could mean lower-quality schools. In addition, sales taxes or income taxes could be higher in some places to make up for lower property taxes.”

LendingTree’s report stated that among the 50 largest metros, Birmingham, Ala., has the lowest median property taxes at $1,156. Memphis and Phoenix followed at $1,877 and $1,947.

“Low bills in these markets tend to reflect a combination of more modest home values, lower local government spending needs and, in some cases, state-level policies that limit how much assessments can rise year to year,” LendingTree’s report noted.

The highest median property taxes were seen in New York City, which exceeded $10,000 annually, followed by San Jose, Calif., and San Francisco at $9,901 and $8,522.

“Property taxes are one of those costs that homeowners can’t really shop around for, and that can make these increases especially frustrating. So many other costs of homeownership are sky-high, so even a relatively modest tax hike can stretch a household budget pretty thin,” Schulz commented. “In many cases, people may feel house-rich but cash-poor, especially in markets where home values have climbed far faster than incomes.”