Kicking the housing market while it's down? As reported in Fortune Magazine many municipalities are increasing property taxes. 15% of US counties have raised property taxes in 2011, and 10% did so in 2010. This is likely to be tough on homeowners already feeling financial pressure through the recession, and will not make buying a home more appealing, in a time when there are many more properties on the market than potential buyers.
Of course, we can't overdo the doom and gloom too much. This means that those living in 85% of US counties did not see a tax increase this year. Also, low housing prices and extremely low mortgage rates are sure to act as incentive to buy for many.
Read the full article by Nin-Hai Tseng here:
http://finance.fortune.cnn.com/2011/06/27/property-taxes-housing-prices/?section=money_topstories
