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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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Need a Property Tax Appeal?

D Fritz Appraisals

What to do When Your Property Tax Assessment Seems Too High. In early January each year, every home in British Columbia receives its property tax assessment notice through the mail from BC Assessment. Some property owners may be surprised and possibly even concerned with their home property assessment amount.

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Report: Investor Home Purchases Surge

Appraisal Buzz

This surge follows a period of fluctuating investor activity during the COVID-19 pandemic, where purchases more than doubled during the 2021 homebuying boom, only to drop nearly 50% in 2023 due to declining rents and home values. High insurance rates and property taxes in the area were cited as factors deterring investment.

Investors 370
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Investors bought one in six homes sold in Q2 2024: Redfin

Housing Wire

Redfin said the Q2 2024 data shows that investor activity is stabilizing after more than doubling during the 2021 pandemic-fueled homebuying boom. It then plunged nearly 50% in 2023 due to declining rents and home values in some markets. This is the highest second-quarter share on record aside from 2022 (20.8%).

Investors 468
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Build-for-rent is a bet on the ‘new normal’ housing market

Housing Wire

With many homebuilders feeling the impact of rising mortgage rates on new-home sales, delivering units for rent is expected to continue to become a larger segment of the overall single-family housing market.”. quarterly drop in overall home purchases.”. That compares with a 17.4% 1, 2022, according to a CoStar News report.

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ATTOM: Home Prices Rising Faster Than Wages, Making Homeownership a ‘Pipe Dream’ for Many

Appraisal Buzz

Home Affordability Report. The typical $1,930 cost of mortgage payments, homeowner insurance, mortgage insurance and property taxes nationwide consumed 32.3% hit in the first quarter of 2021. With home values mostly up annually throughout the U.S., However, it remained up annually in 90.3