Property Taxes Increase

Even though housing prices in many parts of the country are beginning a downward movement, it is more than likely that property taxes will continue to rise in the near term at least, according to a USA Today analysis of data released by the government.

The overwhelming reason for this seeming conundrum is that millions of homes still have a market value which exceeds the assessed value which is the figure used when calculating the tax rates. It can be quite irritating to people when they find their house’s market value has decreased because the market downturn in real estate, then the tax bill arrives and they see an increase.

The evidence of the زيادة متابعين تيك توك slumping market in real estate was reflected in the report by the National Association of Realtors documenting the highest decrease rate in the past 18 years. These figures compared sales of existing homes in March 2007 with sales from one year previous.

During a time when home values were soaring, legislation to limit the amount of growth in property tax limits seemed like a good idea.

These limits allow assessment values to increase slowly until such time as market value is reached. Most property taxes collected from businesses and homeowners go to fund local governments, covering the cost of such services as police, roads and schools. Collections during 2006 rose 7 percent over the previous year, topping $377 billion. During the same time period, the median price for home sales increased 1% over all and dropped sharply in many areas of the country.

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