Property taxes are soaring in 2016. How high will your bill go? What should you be doing about it?
Last week we saw New York receiving the ‘award’ for having the highest property taxes in America. This week’s news stories sadly show that dramatically higher bills are on their way to many mailboxes, including to one property owner whose taxes are going up 164% this year!
Social Crisis in Texas
Texans are outraged by ballooning property tax bills which former tax assessor and current Senator Paul Bettencourt told the public were forcing residents out of their homes and business during a recent hearing. City and county tax revenues are up 40% in just the last 3 years alone.
Chicago Slammed with Massive Tax Hikes
Chicagoans had heard higher property tax bills were coming, but few may have anticipated just how high they have gone in 2016. A report by the Chicago Tribune shows some of the top cases experiencing increases of more than 90% year over year. Many bills have gone up by tens of thousands, if not close to $100,000. A former Bears running back saw his bill come in 164% higher this year. Former NBA player Antoine Walker saw his bill up 127%, and Michael Jordan’s ex-wife received a bill for $127,221, 108% more than in 2015.
There are quirks in the system, but the crazy pace and trajectory we are on has some real estate brokers and analysts calling this “predatory” and “untenable.” In some areas this has meant property tax bills rising 63 times faster inflation and population combined.
In conjunction with an expected interest rate hike next month some should be concerned over the future of the market. A new housing and financial crash would affect owners, businesses, schools, and jobs. Aside from getting involved in the process and fixing it (which you should), you can challenge your taxes. If you don’t appeal, you are taken for A LOT. That is precious cash you may need to get you through another downturn.
Contact Property Tax Adjusters, Ltd. now, and get tax relief help today…