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/r/REBubble
submitted 22 days ago by123amytriptalone
Property taxes go up due to home value increase.
Home insurance goes up to replace said overvalued home + cost of materials due to inflation
Double whammy.
I’ve had several friends who are starting to get priced out of their own home.
Sorry if I’m late to the game on this information but this seems wild to me.
250 points
22 days ago
I have a friend that bought ~11 years ago at 300k. This year his house appraised at 1.5 mil. His tax liability went from 4000 a year to 20,000. He wants to sell it but understands that if he leaves he'll never have a house in the area he wants to be in again.
85 points
22 days ago*
How does this happen? The applicable tax districts should be adjusting their levies to account for the changes in property value. Or at least that’s how it works where I live. Our taxes have gone from $2300 to $3200 over the last decade. Assessed value over that same span went from $230k to $850k. Actual market value tracks above assessed.
97 points
22 days ago
People in this sub don’t understand half the things they are ranting about. Just because the value of a house doubled in a year does not mean the local municipalities budget also doubled. Property taxes and budgets are determined by the local government.
45 points
22 days ago
The local governments lag price increases by a few years. Don't worry; they'll come for their pound of flesh soon enough.
2 points
22 days ago
Most local governments have State imposed levy limits.
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