If, like many, you’re part of a double-digit price increase in U.S. home values, take heart: It won’t necessarily lead to large property tax increases. Housing prices increased 15.9% in 2021 from 2020 and were up 16.9% this January from a year earlier. Surging demand, a low supply of houses, a labor shortage, and inflation have created a wildly unpredictable market. Inflation, which ran at 8.6% in June, hasn’t been this high in the United States since the late 1970s and early ’80s. Some states have laws in place that limit property tax increases. Others don’t. Here is a look at some of the factors affecting your property taxes.
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