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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. But opinions differ on how much impact higher taxes are having on local housing and mortgage markets. “I

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How will California’s Proposition 19 impact property taxes?

Housing Wire

A slim majority of California residents voted in favor of Proposition 19 on Election Day, green-lighting a motion that gives new property tax breaks to older homeowners while increasing property taxes for those inheriting their parents’ or grandparents’ properties. Presented by: CoreLogic.

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The National Average Property Tax Rate Increased Nearly 7 Percent in 2023

Appraisal Buzz

billion in property taxes were levied on single-family homes nationwide in 2023, up 6.9% growth rate in 2022 – and the largest in the past five years, the firm says in its annual property tax analysis report. The report also shows that the average tax on single-family homes in the U.S. Roughly $363.3

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Real estate on the ballot: Here’s what passed at the state level

Housing Wire

The passing of Proposition 19 in California overhauls Proposition 13, which slashed property taxes by almost 60% in 1978. Now, eligible homeowners may transfer their tax assessments anywhere within the state – including the ability to transfer tax assessments to a more expensive home with an upward adjustment.

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All the ways the wildfires could make LA housing more expensive

Housing Wire

But the harsh realities of its pricy housing market more resemble the citys dark underbelly reflected in a David Lynch LA noir film. Insurers that stay in the market will undoubtedly charge higher premiums, and many rebuilding homeowners may simply not find a company willing to extend a policy to them. In fact, its already happening.

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Do Appraisal Gap Clauses Impact Appraisals?

Cleveland Appraisal Blog

Appraisal gap clauses have become relatively common in recent years due to many homes being sold at prices that market data does not support as being the market value. In this hot market, it’s not surprising that this type of clause is being written into some contracts. But not always.

Appraisal 397
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How to price homes properly in a volatile housing market

Housing Wire

High-volume home sellers are in a bit of a pickle in today’s market thanks to rapidly rising mortgage rates last year. These are market-based decisions.” Kearney’s simple strategy for surviving as a high-volume seller in an environment where demand has dried up: listen to the market and do what it says.