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Skyrocketing home values driving higher property taxes

Housing Wire

But homeowners in the area are also facing a serious unintended consequence of that skyrocketing property taxes. According to a new report from CoreLogic, median property tax payments in Miami-Dade County have risen 56.8% year-over-year jump in median property taxes and Miami-Dades rose by 9.9%.

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Property Tax Hikes Strike Once-Affordable States

Appraisal Buzz

Homeowners enjoying the equity gains of soaring property values are now contending with an unwelcome consequence: skyrocketing property taxes. Over the past few years, property tax payments have climbed sharply in many regions, particularly in states once regarded as affordable. since 2019. since 2019.

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Tennessee official, citing property tax relief, notes more interest in reverse mortgages

Housing Wire

Homeowners have noted for some time that property taxes have risen precipitously, and this has the potential to heavily impact people living on a fixed income. Rutherford County trustee Teb Batey encouraged area seniors already seeking information on 2025 property tax payments to take advantage of the countys tax freeze program.

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Struggling homeowners often don’t understand escrow

Housing Wire

Mortgage escrow accounts are an important, yet widely misunderstood asset in the housing market. Although 80% of mortgage holders have escrow accounts, only 60% fully understand them, up from 52% in early 2024. That finding comes from a survey released Tuesday by tax and flood services provider LERETA.

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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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Financial planner: Reverse mortgages can help retirees with high property taxes

Housing Wire

A retired public school teacher living in the Pacific Northwest told MarketWatch that he is feeling stressed by high property taxes on a fixed income and asks if he would be a good candidate for a financial adviser. for 49 years, and my property taxes rise quickly. I used to dislike reverse mortgages.

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High property taxes in Maine? Mayor says to ‘consider a reverse mortgage’

Housing Wire

The mayor of South Portland, Maine , recently acknowledged that property taxes in the region are particularly challenging for those living on a fixed income. When offering advice on how to manage these costs, the mayor brought up the potential for a reverse mortgage. property taxes. A subsequent meeting on Sept.