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Property taxes have been rising. Here’s what it means for housing

Housing Wire

In many communities, homeowners and homebuyers have been hit with eye-popping property tax increases. And homes in many communities have shot up in value in recent years, leading to tax increases through reassessments. The market has since cooled off, but taxes are going up.

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U.S. property taxes increased twice as fast in 2023 compared to prior year

Housing Wire

property taxes on single-family homes rose twice as fast in 2023 as they did in 2022, with a total of $363.3 This is according to an analysis conducted by Attom , based on property tax data collected from county tax assessor offices nationwide at the state, metro and county levels. billion one year earlier.

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Q2 Home Price Hikes Tightens Affordability 

Appraisal Buzz

Therefore, compared to the first quarter of this year and the second quarter of last year, the proportion of average wages required nationwide for normal mortgage payments, property taxes, and insurance increased by around three percentage points. This is because home values are generally rising annually throughout the United States.