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Reply #4: Not only that, but even as home prices fall, [View All]

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Home » Discuss » Topic Forums » Economy Donate to DU
Peter1x9 Donating Member (281 posts) Send PM | Profile | Ignore Sat Oct-22-11 02:48 PM
Response to Reply #2
4. Not only that, but even as home prices fall,
Edited on Sat Oct-22-11 02:50 PM by Peter1x9
property tax rates (in some areas) are on the rise. In my area (NE Illinois and SE Wisconsin), the rates are outright extortion. A lot of the property ads I've been seeing lately include "seller is very motivated", then I look at the taxes and know why. I routinely see houses here priced at 100k with 6000/year in property taxes, and we're not even near Chicago. For a 100k house in the city, the taxes around 8500/year now.

If we were to buy in my area right now, we would be paying $400-500/month just in property taxes.
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