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Metro (being the Portland area's multi-county regional government) voted last year to not expand the urban growth boundary. So the supply of single-family home
by pklausler 11y ago
Metro (being the Portland area's multi-county regional government) voted last year to not expand the urban growth boundary. So the supply of single-family homes with yards is basically fixed, while demand is growing. Expect home prices to continue to grow (Portland's rate is top in the U.S.) as new housing construction continues to be constrained to dense multi-family structures for the next five years until Metro votes on UGB expansion again.
- FireBeyond 11y agoWhat rises with house prices - property taxes. Revenue for Metro. I am going to assume there's a non-negligible correlation.
- pklausler 11y agoProperty tax revenue would rise with new construction as well.
- FireBeyond 11y agoWow. Good point. No idea why I didn't consider this. :)
- Tiktaalik 11y agoNot necessarily. The city decides what amount of revenue it wants to generate, then divides that amongst all properties based on accessed value. If in a year everyone's accessed value increases by the exact same amount, and the city doesn't increase the amount of total income they want to generate, no ones property taxes change.