2024 US Real Property Tax Benchmark report

Altus Group’s comparative analysis of real property tax rates for commercial real estate in 10 major US cities.

Our analysis highlights property tax challenges and opportunities in ten major urban centers across the country

Real property tax is one of largest single operating costs for most commercial real estate owners and operators. Managing property tax costs frees up capital and can improve competitiveness and ultimately the value of your property. But gaining full insight into your property tax situation can be a complex and challenging process, particularly for owners with a portfolio of buildings across different tax jurisdictions.

Altus Group’s US Real Property Tax Benchmark Report 2024 was developed to better evaluate and prioritize an overall tax strategy.

What's inside:

Property tax analysis of ten major urban centers across the United States
Analysis of effective property tax rates for 2023
A review of tax-to-sale ratios to illustrate the level of taxation in each city
Comparative tax costs for 4 benchmark property types in each city

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Highlights from the US Real Property Tax Benchmark Report 2024

How do commercial effective tax rates compare to multi-family ones?

New York has higher effective tax rates for multi-family properties compared to commercial ones, while Chicago and Washington DC have lower rates.

With property values falling, are property tax assessments also declining?

Analysis indicates that 2023 property values fell in most sectors in many cities, meaning property tax assessments should be declining – yet many notices received by taxpayers show higher assessed values.

What does the data suggest about property tax appeal opportunities?

A number of property types had tax-to-sale ratios higher than the effective tax rate for that city, identifying clear opportunities for appeal in certain regions.

Commercial effective tax rates

Commercial effective tax rates allow for comparative analysis of the tax burden between different cities. Below represents the rates from four of the cities in our study. Others include Los Angeles, Nashville, Washington DC, Atlanta, Dallas and Miami.

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