U.S. homeowners had more than $35 trillion in home equity in the fourth quarter of 2024. If youâre among those who have a heap of equity and you plan to downsize to a smaller home, thatâs great news. But homeowners who want to stay put are finding it increasingly difficult to afford the cost of remaining in their homes.
The average property tax bill for single-family homes rose 4.1%, to $4,062, in 2023, after increasing 3% in 2022, according to ATTOM, a real estate research firm. Homeowners in some high-cost states, such as New Jersey, Illinois, Connecticut and New York, paid more than double that amount, on average.
In response, voters in half a dozen states approved ballot measures in November that will provide property tax relief to seniors, veterans and other homeowners. In other states, lawmakers are considering measures that would provide tax breaks to eligible homeowners.
In Florida, voters approved a measure that will raise the stateâs homestead exemption to keep pace with inflation. Starting in 2025, the increase in the exemption will be tied directly to the inflation rate, as measured by the consumer price index. If inflation increases by 3.5%, for example, the exemption will go up by 3.5%, too. Currently, Florida homeowners can exempt up to $50,000 of their homeâs assessed value from property taxes.
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