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The Tax Man Cometh, Thanks to Price Jumps 2020’s Big Run-Ups Will Push Up Valuations By Lew Sichelman | Special to Banker & Tradesman | Mar 7, 2021 | Reprints | Print
Lew Sichelman
If you are a homeowner, or a would-be buyer, take heed: Your property taxes could be going up.
They may not increase this year, or even next year. But thanks to the unusually large jump in housing prices over the last 12 months, plus a major shortfall in state and county revenue from other sources, your property taxes will increase by 2023.
According to The Warren Group, publisher of The Registry Review, the state’s median single-family sale price closed out 2020 at the highest annual gain – 12 percent – in years. And Zillow predicts prices the nation’s prices will continue to trend upward, rising a whopping 10.5 percent in 2021.