Over the past five years, single-family home prices have risen about 54% nationally, according to S&P Dow Jones Indices
That's also the bad news, costing them thousands more in real estate taxes and leaving less for discretionary spending.“To pay the higher property taxes, it just means we’ve got to take more money out of our investments when it comes time to hit those big bills,” Beverly McAdam said.
Colorado, like Alabama and Wyoming, also has a new law that will limit the growth in tax-assessed values for homeowners. Property tax relief will be part of a special legislative session beginning June 18 in Kansas, while Nebraska also could hold a special session to cut property taxes. Kansas lawmakers this year passed three measures that would have reduced the state's property tax levy for public schools. But each was vetoed by Democratic Gov. Laura Kelly because of concerns about other sections to cut income taxes. The special session will mark a fourth attempt at consensus.
The average American has more than $92,000 in debt, which includes credit cards, student loans, mortgages and more. In 1982, voters in Muscogee County, Georgia, approved a local ordinance freezing assessed property values for homes used as primary residences. The result: longtime homeowners pay very little, newcomers pay more and businesses face some of the state's highest property tax rates, said Suzanne Widenhouse, the county’s chief appraiser.
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