Rising Property Taxes Add To Financial Stress For Homeowners

Property taxes are on the rise, another source of financial stress for Americans. According to new data released by ATTOM Data, total property taxes on single-family homes across the United States increased by 4% in 2022, totaling $340 billion.  This marks a significant increase from the previous year, with the average property tax bill for a single-family home rising to $3,719. Property taxes were highest in the Northeast, with New Jersey, New York, and Connecticut topping the list. The lowest were seen in the South, with Alabama, West Virginia, and Arkansas having the least expensive property taxes. Increasing taxes are an effect of soaring home prices, which have increased by 19% over the past year. Though homeowners have benefitted from…