Your home may be your most valuable asset, especially if it’s worth considerably more than you paid for it years ago. But the rise in home values has led to an increase in the cost of owning a home, particularly where property taxes are concerned. And if you think your taxes are high now, it could get worse.
An analysis of U.S. Census data by Today’s Homeowner, a home-improvement website and TV program, found that while the average property tax bill rose by nearly 20% between 2016 and 2021, the average effective tax rate fell by 0.15%. To understand what that means, and its implications for your own tax bill, it’s important to understand how property taxes are calculated.
