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Will Property Taxes Be the Tipping Point?
This hidden cost of inflation affects us all
The news is abuzz with details on home prices and their ever-fluctuating interest rates. But what about the sizable jump in property taxes?
This tipping point could cause some people to lose what they’ve worked their whole lives for.
Not moving to a nicer neighborhood or buying a larger piece of land. Expenses like those can be evaluated according to the current marketplace.
Property valuations have no such comparison. Instead, you are at the mercy of the market and inflation.
Year-over-year, these taxes are adjusted according to the latest county assessments. And while their purpose is worthwhile — to fund schools and other necessities like emergency services — the fact they fluctuate so rapidly makes budgeting difficult.
In my county, property values for some owners jumped 30%. And that doesn’t even account for the increased insurance rates. When your property is worth more, it costs more to replace in the event of a disaster.
As bad as this sounds, it gets worse. Some states are telling counties their tax collections are too low! So, not only will homeowners be slammed with an unprecedented increase in valuation, they now also get to worry about…
