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Home buyers face rising house prices
Home buyers face rising house prices 休斯顿
By   Clare Trapasso
  • 都市报
  • Rising house prices
  • US property
  • property data
Abstract: Owning property is not without reason; it's known as the "American dream."

Most people should expect property taxes to go up," said Carl Davis, research director at the Institute on Taxation and Economic Policy. We're now seeing that [property] assessments are keeping pace with the market," he said. This process will continue to unfold over the next few years."

 

Local governments, like everyone else, are facing rising costs. And the frenzied growth in home prices during the COVID-19 pandemic provides a once-in-a-lifetime opportunity for municipalities to make a difference.

 

Nationwide, the typical single-family homeowner pays about $3,900 in property taxes in 2022, according to property data provider ATTOM. That figure represents an increase of about 3 percent from the previous year. Last year, homeowners spent a total of $339.8 billion on property taxes.

 

"In an environment where home prices remain high and are still rising in some areas, local governments can essentially do nothing and the assessed value of the property goes up and they raise more taxes," said Danielle Hale, chief economist at Realtor.com®." They must actively choose to lower their tax rates or limit assessed appreciation."

 

The exact amount of taxes homeowners bear depends on where they live. Property taxes tend to be higher in the Northeast, led by New Jersey, but are generally lower throughout the Sunbelt.

 

Typically, businesses, commercial properties and towns with fewer residents charge homeowners higher property taxes for one simple reason: they need the money. Tax rates may also be higher in new communities that need infrastructure, such as new schools that must be built.

 

The good news for homeowners already struggling with high inflation is that property taxes usually take one to three years to catch up with home prices. Most local governments don't conduct new property value assessments every year.

 

Before anyone panics, even if the value of their home skyrockets, it doesn't mean their taxes will increase accordingly.

 

Katherine Loughead, senior policy analyst at the Tax Foundation, says: "Over the last few years, we've seen property assessment values of homes rise by 30 to 40 per cent. That doesn't mean property taxes for property owners are going up that much. Many jurisdictions have some sort of property tax limit."

 Home buyers face rising house prices

When homebuyers shop for a home, they usually focus on the condition and location of the property. Has the kitchen been upgraded? Is the home located in a good school district? Is the house large enough to accommodate a growing family?

 

They probably don't pay close attention to property taxes because the slightest mistake could stretch their budget. Few budget for the impact of future tax increases.

 

Homeowners should be prepared for property tax bills to increase by 4 and 5 percent over the next few years, says Adam Langley, associate director of tax policy at the Lincoln Institute of Land Policy, a nonpartisan think tank.

 

In addition, property tax information for newly built or recently remodelled homes may not be accurate. In some places, the sale of a home may trigger a higher tax rate, especially if the home's value increases significantly. Or there may be exemptions or exceptions that significantly reduce someone's tax liability.

 

Sometimes property taxes will determine where a person buys a home. In some areas, property taxes are very high; in the next town, they may be much lower.

 

This could be due to higher home prices, higher property assessments, or both.

 

When taxes are too high, people may sell their property and move to an area with a lower tax rate, said Lynn Krebs, a research economist at the Texas Center for Real Estate Research at Texas A&M University in College Station.

 

Some governments have capped taxes for existing homeowners to prevent long-time homeowners from being pushed out of their homes. California did this with Proposition 13, which froze property values and capped the annual increase in property taxes for long-term homeowners.

 

But someone has to pay for these tax breaks - usually new homebuyers. The proposal also limits the supply of homes for sale because existing homeowners may be reluctant to sell their homes and thus lose the tax breaks, depending on the location of the home.

 

Some states have "circuit breaker" plans that tie tax bills to a homeowner's ability to pay. These plans help protect homeowners who are unemployed, retired, or experiencing financial hardship from losing their homes. It can also help low-income homeowners in areas undergoing redevelopment who may not be able to afford high taxes due to skyrocketing home values.

 

According to the Institute on Taxation and Economic Policy, more than half of states consider property tax bills and household income before issuing annual rebates to homeowners who meet certain criteria. Some areas also offer discounts for seniors and veterans.

 

Homeowners who receive high bills can challenge them in the form of a complaint. There are specialised real estate lawyers who help homeowners through this process. However, it can sometimes be difficult to prove to local authorities that their initial home value assessment was overstated, resulting in a lower tax bill.

 

Even when property values go down, property taxes usually don't go down. Instead, the government usually raises the percentage of the property tax levy to make up for the shortfall in tax revenue caused by declining property values.

 

Josie Faas, executive director of the Robert Schalkenbach Foundation, says three-quarters of many local budgets come from property taxes.

 

In some places, when home values go up, local leaders lower the tax rate so homeowners aren't saddled with higher bills. Other places figure out how much money they need to fill budget holes and then calculate the tax rate accordingly. But that doesn't always happen.

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