Home prices have been rising so fast that property taxes can't keep up, but this small silver lining in the housing market may not last long.
With home prices skyrocketing by double-digit percentages over the last year, it would be no surprise if property taxes jumped too.
Mortgage rates hit 5% for the first time in over a decadeBut surprisingly, the average property tax on a single-family home rose by just 1.8% last year to $3,785, increasing at the smallest pace in the past five years, according to a report from ATTOM, a real estate data company. That has resulted in an effective tax rate of 0.9%, down from 1.1% in 2020, the report found. But this small silver lining in the housing market may not last long.
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