As the cost of housing continues to rise alongside interest rates, with the median U.S. home price up 1.8% year-over-year, many homeowners have chosen to stay put. After a “historically low” moving rate in 2021, data from the National Association of Realtors found that Americans moved even less in 2022. Higher inflation, stubbornly elevated home prices, and no end in sight yet for rate hikes have more and more Americans opting to deal with the state they know, rather than the one they don't.
In many cases, tax rates are a major factor when homeowners decide whether to move across state lines or not. So today, we're going to look at one of the most pressing tax bills that homeowners face, and that's property taxes.
