Noah Hagerman, CPA’s Post

According to Redfin, property taxes for homeowners have risen about 30% since 2019, and the median monthly payment has reached $250. The increase is driven by higher home values, inflation, and, in certain areas, rising property tax rates to fund municipal expenses. Texas and Florida, pandemic migration hotspots, have seen significant home value increases, with property taxes now representing up to 20% of monthly housing costs in cities like Austin. Rising taxes in Florida also fund climate resiliency efforts, and in some regions, this may curb housing demand by increasing the overall cost of ownership. Meanwhile, areas with the highest dollar tax payments are New York and New Jersey, with Nassau County topping the list at $905 per month. #PropertyTaxes #PandemicMigration #RisingTaxes #HousingDemand https://lnkd.in/ebaR2tGg

According to Redfin, property taxes for homeowners have risen about 30% since 2019, and the median monthly payment has reached $250. The increase is driven by higher home values, inflation, and, in certain areas, rising property tax rates to fund municipal expenses. Texas and Florida, pandemic migration hotspots, have seen significant home value increases, with property taxes now representing up to 20% of monthly housing costs in cities like Austin. Rising taxes in Florida also fund climate resiliency efforts, and in some regions, this may curb housing demand by increasing the overall cost of ownership. Meanwhile, areas with the highest dollar tax payments are New York and New Jersey, with Nassau County topping the list at $905 per month. #PropertyTaxes #PandemicMigration #RisingTaxes #HousingDemand https://lnkd.in/eD4Xvn_U

Property tax bills on U.S. single-family homes rose significantly in 2023, reaching $363.3 billion, a 6.9% increase from the previous year. Despite a slight decline in home values, effective tax rates climbed due to higher bills. States like Illinois, New Jersey, and Connecticut saw the highest rates, with New Jersey having the nation's highest average property tax at $9,488. Turmoil in the commercial real estate market may lead to a shift in property tax burdens onto residential owners. Rising taxes add to monthly expenses, impacting housing affordability and financial decisions. ________ #neillrealtygroup #neillrealtygrouprealestate #annmarieneilldeals #realtyonegroupinclusion #realestate #realtor #propertytax #singlefamilyhomes #taxincrease #homevalues #taxrates #illinois #newjersey #connecticut #commercialrealestate #taxburden #housingaffordability #financialdecisions #taxbills #realestatemarket #homeownership

CEPR - Centre for Economic Policy Research Discussion Paper #19230: Property Taxes and Housing Allocation Under Financial Constraints Josh Coven Sebastian Golder Arpit Gupta Abdoulaye NDIAYE , 10 Jul 2024 Property taxes impact the housing distribution across generations. Low property taxes lead to concentrated ownership among elderly empty-nesters, limiting housing for financially constrained young families. Conversely, high property taxes act as a ``forced mortgage,'' reducing upfront downpayment costs and enabling greater homeownership among younger households. We show in an overlapping generations model that raising property taxes in low-tax California to match those in higher-tax Texas increases homeownership in California by 4.6% and among younger households by 7.4% in steady state. Asset taxes can reallocate housing to higher-valuation households in the presence of financial constraints, providing an independent rationale for property taxes.

Breaking policy news: property tax on unrealized gains 🏠 Homeowners across the country are feeling the pressure of rising property tax bills, especially as values have surged post-pandemic. Here’s a breakdown of the issue and the call for change: - Homeowners are facing higher taxes based on assessed, not actualized, home value increases, leading to financial strain. - Initiatives like North Dakota’s Measure 4 propose eliminating property taxes entirely, though critics fear this could destabilize local budgets. - Sharp increases disproportionately affect middle- and low-income homeowners, including retirees, threatening affordability and community stability. - Rising taxes reduce homeowners’ spending power and housing market fluidity, potentially slowing local economic growth. - 2025 state sessions are expected to address these challenges with new proposals aimed at transparency and fairer property assessments. As the call for reform grows, homeowners and lawmakers alike are exploring ways to ensure tax practices keep pace with today’s housing realities. https://lnkd.in/ek6RppV5 #TaxReform #PropertyTax #HousingAffordability #Legislation

Residential property tax rates across Cook County have been declining over the past decade. But it takes looking at the past 20+ years to see the full picture: residential property tax rates are now returning to pre-Great Recession levels. Learn more: http://t.ly/QBWKE

As CEOs, we need to pay attention to the ripple effects of rising property taxes not only on homeowners but also on the broader economic landscape. The sharp increase in real estate assessments, especially post-pandemic, affects more than just household finances—it can impact industries, business operations, and the communities where we live and work. Taxing unrealized capital gains could effect: - Consumer spending power - Increased housing market volatility - Community stability - Policy shifts/legislative trends Read the latest work from the Policy For Hire team. Call us with your next government affairs challenge.

🚨 Important Update for Surrey Homeowners: Significant Tax Hikes in 2024 🚨 Surrey residents are experiencing higher-than-expected tax increases for 2024. Despite the approved budget indicating a 7% rise, many, including Councillor Linda Annis, are seeing hikes closer to 12%. Councillor Annis herself reported an 11.9% increase. 📈 Key Factors Contributing to the Increase: - 6% General Property Tax Increase: Approximately $152 more for the average single-family dwelling. - 1% Roads and Traffic Levy: Adding around $25 for transportation needs. - Secondary Suite Fee Increase: $155 per suite for applicable dwellings. - Utility Rate Increases: Approved in January to offset service cost increases. These adjustments address inflation pressures and fund new resources for policing, firefighting, and bylaw enforcement. We understand these changes' impact on homeowners and are here to help you navigate these challenges. Whether you need advice on managing your finances or are considering buying or selling property, our real estate and financial planning expertise can provide the support you need. 🌟 Connect with us to discuss how we can help you manage these changes effectively. #TeamGRC #SurreyBC #TaxHikes #RealEstate #FinancialPlanning #Homeowners #PropertyTax

A Richmond, B.C., man was recently fined over $2 million for failing to declare income from flipping 14 homes between 2011 and 2014, evading taxes on approximately $7.5 million. Property flipping continues to be an area of interest in the housing market. The Canadian Housing Statistics Program (CHSP) reported that 3.3% of residential properties sold in British Columbia in 2021 were flipped within one year of purchase. Starting January 1, 2025, a new home-flipping tax in B.C. aims to address this aspect of the market. 📄 Read the article here: https://lnkd.in/erTZy5WQ 📊 Explore the CHSP release: https://lnkd.in/eSXep-7u #RealEstate #HousingMarket #CanadaHousing #BCHousing #PropertyFlipping #CHSP #HousingData #HousingPolicy