Homeowners in two regional housing markets experienced some of the sharpest increases in their property taxes between 2007 and 2017, according to a new data analysis released by ValuePenguin, a personal finance website operated by LendingTree.
During the 10-year period ending in 2017, residents of Kingston faced the largest effective property tax rate increase with 0.82 percent, which led to a $1,573 increase in median real estate taxes per year for homeowners. Across the border, residents in the Bridgeport-Norwalk-Stamford corridor paid the highest property taxes in absolute terms at $7,436 in 2017.
Housing markets in New York state and Connecticut ranked among the highest for effective property tax hikes during the 2007-2017 period, with homeowners in Rochester carrying the nation’s highest effective tax rate at 2.95 percent – the median homeowner in that market pays $4,259 on real estate taxes – while the New Haven-Milford metro area shouldered a 0.77 percent increase in their effective property tax rate during that period, followed by the New London-Norwich corridor with a 0.64 percent increase and the Hartford metro area with a 0.61 percent uptick.
In comparison, the Bismarck, North Dakota, metro area saw the greatest decline in the effective property tax rate, falling by 0.80 percent over the decade.