The Dallas area’s median annual property tax was $4,695 in 2021, and $5,589 in 2023. That’s a difference of $894 — or an increase of $74.50 per month.
DALLAS — Homeowners in Dallas-Fort Worth have experienced some of the largest recent property tax increases in the country, a new report shows.
According to a new LendingTree report, nationwide median property taxes rose by 10.4% between 2021 and 2023, with homeowners paying an average annual property tax of $2,969 — or about $247 a month — as of 2023.
Many of the nation’s larger cities, however, saw significantly larger increases than that. The U.S. city with the highest property tax increase over the study’s span was Tampa, which saw its rates climb 23.3%. Indianapolis came in second place, with its rates jumping by 19.8%. Meanwhile, Dallas came in third place, with its rates increasing by 19%.
Broken down further, the LendingTree report notes that Dallas’ median annual property tax was $4,695 in 2021, and $5,589 in 2023. That’s a difference of $894 — or an increase of $74.50 per month.
“It may not seem like an earth-shattering amount of money,” LendingTree Chief Consumer Finance Analyst Matt Schulz said of the increases, “but that equates to about $70 to $75 a month that can’t go toward paying bills or reaching other financial goals.”
The report additionally noted that property taxes are only continuing to increase, referencing a recent Realtor.com report that noted how Texas rates jumped 7.8%, from 2023 to 2024 — the second-highest increase in the U.S. behind only California.
These increases also seem to be counteracting the other benefits seen in the ever-changing Dallas real estate landscape, where the median home list price fell 4.4% in April to an average cost of $430,000, and the average number of days a listing remained on the open market grew by 7.5%.
“Most people’s financial margin for error is so small right now, thanks to inflation and the general cost of life, that any increase may become even more difficult to manage,” Schulz said. “And these types of increases aren’t things you can cancel like a Netflix subscription, so it’ll likely require some sacrifice to handle it.”
Dallas is not alone in dealing with these property tax changes. Another Texas city, San Antonio, came in eighth on the list, boasting a median property tax increase of 18.2%.
It’s worth noting too, however, that 11 of the 50 largest cities in the country saw property tax increases below the national average of 10.4%. Of those, Pittsburgh saw the smallest increase at 4.4%, followed by Philadelphia (8.2%) and Milwaukee (8.3%).
