As property values continue to outpace inflation, property taxes are taking a bigger bite out of homeowners’ wallets.
A new analysis from Construction Coverage breaks down property tax rates by state, county, and city to reveal where homeowners have the greatest burden, with data specific to Asheville, NC.
Key Takeaways, With Data for Asheville, NC
- Property tax revenue is booming: Revenue from property taxes jumped 27% between 2019 and 2023, adding $165 billion to state and local budgets—more than any other tax category.
- Northeast and Midwest states see highest tax rates: Illinois tops the list at 1.825%, followed by New Jersey at 1.773%. Connecticut, Nebraska, and Vermont also rank highly, all with rates above 1.417%. The South and Mountain West generally see the lowest rates, but Texas—ranking seventh among all 50 states—is a notable exception.
- Property taxes in Asheville: Homeowners in Asheville pay a median of $2,802 in property taxes each year, with an effective property tax rate of 0.616% for owner-occupied homes.
The full report includes county-level data for over 800 counties, as well as over 600 cities and all 50 states.
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Visit https://constructioncoverage.com/research/average-property-tax-by-state-county-city for additional information.
Written by Construction Coverage.