Curated News
By: NewsRamp Editorial Staff
July 09, 2024
Property Taxes Balloon After Pandemic Home Price Gains
Discuss on Reddit
LinkedIn
GithubTLDR
- Higher home prices may lead to increased property tax assessments, but companies like Ownwell can help homeowners lower their tax bills.
- Property tax assessments are not appraisals of a property's actual value, but are based on a mill rate determined by local governments.
- Companies like Ownwell help make the world better by working to reduce homeowners' property tax bills, saving them money and reducing financial stress.
- Ownwell, a company that helps homeowners lower their property tax bills, uses technology and local knowledge to secure tax reductions for its customers.
Impact - Why it Matters
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.
Summary
Real estate analytics firm CoreLogic reported a 25% increase in property taxes on the median single-family home in America since 2019. This comes as Federal Reserve data shows a 33% rise in average sales price. However, higher home prices do not necessarily justify higher property tax assessments, as tax assessments aim to capture a measure of fair market value at a given point in time. 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.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Property Taxes Balloon After Pandemic Home Price Gains
