Will Property Tax Increases Stifle Housing?
Despite property depreciation and high foreclosure rates, more county governments nationwide are either planning or have already approved property tax hikes this year.
U.S. markets moving in this direction include Atlanta, Boston, Chicago, and Tucson, along with 35 different municipalities in Utah. Higher tax payments for cash-strapped homeowners, in turn, may generate more foreclosures, while steeper purchase costs could reduce the pool of qualified buyers.
Source: “Will Property Tax Increases Stifle Housing Further?” RealtyBizNews, Donna Robinson (July 31, 2011)
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