Today, the city of Edmonton, AB sent out property tax assessments to homeowners. For many in the capital of the western Canadian province, the assessments for 2012 will be surprising. Like many areas of the country and around the world, Edmonton’s property values have declined, but despite this, property taxes will still rise. Those homeowners who were
Cities Expect More Budget Cuts as Home Values Continue to Fall
December 27, 2011 by
The writing has been on the wall for years, but the moment when cities will have to make serious cuts to deal with falling housing prices may come in 2012. Part of the real estate market collapse that rarely gets attention is the effect it has on property taxes. Cities use those taxes to pay
Canada’s Real Estate Now More Affordable, Study Says
November 28, 2011 by
Homes in Canada became a bit more affordable in the third quarter of 2011, according to a new report by RBC. Most parts of Canada saw a decrease in housing costs, with Vancouver being the one exception. The index RBC uses calculates the affordability of housing at a given time. The lower the index, the
Will Property Tax Increases Stifle Housing Further?
July 31, 2011 by
A growing number of county governments across the U.S. are planning property tax increases in 2011, or have already approved increases, despite the continuing problems with falling home values and high foreclosure rates. According to the latest numbers from the National Association of Realtors, metro Atlanta, GA has seen a 14.7% decline in average selling prices
New Initiative May Limit Property Taxes in Arizona
June 29, 2011 by
A new initiative is being proposed which would limit the amount that Arizona property owners can be made to pay in property taxes. The proposed initiative, which is being called Prop 13 Arizona, would take property assessments of homes and businesses back to 2003 levels. This was before speculators helped drive prices up, which in
New Yorkers Have Steepest Property Tax Bills
May 26, 2011 by
Of the top ten counties in the US that pay the highest property tax rates, all ten of them come from either New York or New Jersey. New Hampshire and Connecticut also have several counties listed high up in the rankings. Meanwhile, at the opposite end of the spectrum, the states of Alaska and Louisiana
Florida House Approves Ballot to Lower Property Taxes
May 3, 2011 by
The Florida state house has approved a ballot that will give Florida voters the option to lower taxes on commercial properties. If the Florida residents vote in favor of the constitutional amendment, the new legislation would reduce annual growth in assessed value from 10 percent to five percent or less. Additionally, first time home buyers
Illinois Seniors Receive Automatic Property Tax Exemption
April 2, 2011 by
Close to 300,000 seniors in Cook County , Illinois will no longer have to file every year to continue to receive property tax exemptions, thanks to a new measure the Illinois State Senate authorized. Under the current law, those who wish to receive the property tax exemption must file annual paperwork with the County Assessor.
Cities Start to Feel Real Estate Slump as Taxes Slide
March 31, 2011 by
Property tax fluctuations are always behind the real estate and mortgage lending markets, but the decline of property values is now starting to catch up with the taxes, leaving many cities, towns, and villages in a serious bind. With lower property values, residents will expect their municipalities to cut their taxes. That could mean more
