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What Effects Are Raised Property Taxes Going To Have On The Industry? #shorts

23 Oct 2024 · 1 min

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In this brief commentary, the speaker highlights recent spikes in property tax rates—citing increases of 25% to 30% in some areas—and warns that these hikes will continue as states grapple with budget shortfalls and refuse to depend on federal aid, as reported by The Hill. The speaker argues that property owners will bear the brunt of these rising taxes, meaning that even if mortgage interest rates fall, overall housing affordability will remain strained because higher property taxes will keep monthly housing costs high.

Chapters

Things like property taxes. And we're already seeing it. My property taxes have gone up, you know, in some cases 25%, 30%, right? We're already starting to see this and it's going to continue to happen. Property taxes are going to go up and up and up to pay for these shortfalls. The Hill actually did a great article on this where they said right in the headline, states should not rely on the federal government for, for, for aid, for money. States have to figure it out on their own where that money's coming from. And so the biggest well is the property owners where, where property taxes are going to continue to go up. And that home affordability, even if interest rates come down, that home affordability is still going to be difficult. Even if the mortgages come down, property taxes are going to be going up. So that monthly payment is still going to be a struggle.