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Property Taxes Balloon After Pandemic Home Price Gains

Real estate analytics firm CoreLogic reports a 25% increase in property taxes on the median single-family home in America since 2019, while Federal Reserve data shows a 33% rise in average sales price. Ownwell, a company that helps homeowners lower their property tax bills, suggests that there is room for errors in the assessment process, and homeowners should review their property taxes every year to ensure accuracy and fairness.

This news matters as it highlights the significant increase in property taxes on single-family homes in America and the potential discrepancies in the assessment process. Homeowners should be aware of the factors that contribute to their property tax bills and consider seeking professional assistance to lower their taxes. The impact of rising property taxes can directly affect homeowners' finances, making it crucial for them to understand the assessment process and explore opportunities for tax reduction.