Here’s a 2022 New Year Prediction you can take to the bank: Property Taxes across the US Housing Market will be going up. And going up a lot. This will create big problems for home buyers and real estate investors in the 2022 Housing Market.
States with the highest property tax rates have the most to worry about. These include New York, New Jersey, New Hampshire, and yes, TEXAS! The Texas Housing Market has some of the highest property taxes in America.
But certain cities will be even more exposed. These are the ones that have high property taxes AND have experienced a big increase the 2021 Housing Bubble. The #1 city that fits this criteria is Austin, TX.
Austin’s property tax rate is 1.9% while home prices have gone up 44% YoY. That’s a recipe for a $3,000 increase in property taxes in just one year, the highest estimate growth of any metro area in America. Fellow Texas Real Estate Markets like Dallas, Houston, and San Antonio will also get hit by big increases.
Homeowners and real estate investors in many of these markets will not be able to afford the tax increase, forcing many to sell. This will increase inventory and eventually cause home prices to go down.
Meanwhile, areas throughout the Southeast US will fare better. States like South Carolina, Alabama, and Arkansas have very low Property Tax Rates. This means that the property tax increases won’t be as severe.
If you’re a home buyer or real estate investor in 2022, make sure to study the property tax rates in the city you’re looking at as well as the appreciation levels heading into this year. This will help you understand just how much taxes are likely to go up.
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0:00 Happy New Years! The TAXMAN is Coming!
1:10 HIGHEST Property Tax States (TEXAS…)
2:21 LOWEST Property Tax States
3:51 Austin, TX: WATCH OUT!
5:30 Buckle Up! The Housing Market is Not Prepared
6:20 $3,000 increase in ONE YEAR? WHAT?!
7:19 Top 20 Metros Exposed to Property Tax Crash
8:46 Texas is Not Built for High Home PRices
9:33 Two Caveats! (PAY ATTENTION)
11:01 Hit the Like Button Please!
#NewYearsCrash #PropertyTaxes #HousingCrash