Homeowners Hit Hard by Rising Property Taxes
As if record foreclosures and sinking property values and were not enough, homeowners across the country are now facing higher property taxes as local governments try to cover revenue shortfalls after years of booming revenues.
Real property tax is determined by the home's assessed value and the local tax rate. Homeowners across the country are fuming because in many cases the actual market value of their property has fallen sharply while the assessed value is still at a record high. And faced with higher fuel and healthcare costs, local governments are raising the tax rate as well.
Homes in Memphis are facing a proposed 17% hike in the property tax rate. For many frustrated owners, rental houses are looking better every day.
Very interesting post
Posted by: online estate agent | Wednesday, April 30, 2008 at 06:01 AM
Very interesting post
Posted by: online estate agent | Wednesday, April 30, 2008 at 06:02 AM