For many retirees, paying off the mortgage was supposed to mark the beginning of financial stability. Instead, a growing number of older homeowners are discovering that even without a mortgage payment, staying in their homes is becoming dramatically more expensive because of rising property taxes. Across fast-growing housing markets, soaring home values are pushing tax assessments higher and leaving retirees on fixed incomes struggling to keep up.
In many areas, retirees who bought modest homes decades ago are now facing tax bills tied to today’s inflated market values rather than their retirement budgets. According to CBS News, property taxes nationwide are rising faster than inflation, with the average homeowner paying $4,427 last year, up 3.7% from the previous year. So, where are property taxes going up the most, and what can seniors do?
