Higher property taxes coming nationwide

Taxes

As property values continue to rise – 13.3 percent in September over 2020, according to the National Association of Realtors – analysts believe that there will be a significant increase in property taxes in the new year.

While 18 states limit how much property taxes can increase in one year – including California, where the limit is 2 percent – homeowners can expect to see some increase across the board.

Those who pay property taxes via an escrow account can expect a disclosure from their loan servicer early in the year. If the increase is greater than the existing escrow account, the homeowner must pay the difference.