4 ms·

Curious, are people suddenly paying higher property taxes now that houses are worth much more in a short time span?

• elephanteeee 4y ago
  Yes. I mean some places have laws freezing property taxes but in most places yes. My state switched to something like Zillow-based assessments that they did for every house in my county this year. It’s kind of funny thing that interest rates did but the escrow portion of my mortgage payment is bigger than the principal and interest.
• rufus_foreman 4y ago
  Maybe some people are. Property taxes are state by state. But that's not the way they do property taxes where I live. Where I live, they have an amount of taxes they need to collect, and then they divide that up based on property values. If the value of everyone's property doubles, they still need to collect the same amount of property taxes, so everyone's property taxes stay the same. I guess in some places, they just do it based on property value, and when house prices skyrocket, the government just says, "Score!". Wouldn't want to live in one of those states.
  • olyjohn 4y ago
    I believe in some states, there's a limit to how much the tax-assessed value can increase in a year. So even if the housing prices double, they may only be able to increase taxes by a couple percent.
• whoopdeepoo 4y ago
  Went up 10%