KentuckyHomesByJudy-Blog

Last year, U.S. homeowners faced an average property tax bill exceeding $4,000, marking the highest increase in five years, according to data from Attom Data Solutions , a real estate data firm. Property taxes nationwide amounted to over $363 billion in 2023, reflecting a 6.9% rise, largely attributed to inflationary pressures on local government costs and public employee wages. States with the highest effective property tax rates included Illinois, New Jersey, Connecticut, New York, and Nebraska, with notable disparities in tax increases observed across different regions, such as a 31.5% increase in Charlotte, North Carolina, and a 15.2% rise in Atlanta. Property taxes are determined by the assessed value of the property and applying the tax rates for the different taxing authorities for that year.   Generally, homeowners are notified of the assessed value of the property for that year, many times, even before the tax rate is set. There is often a procedure for disput

There is a technique that has been attributed to Benjamin Franklin and used when faced with a decision.   As the lore goes, whenever Ben was faced with a decision, like you are now, he'd take a piece of paper, draw a line down the middle of it.   On the left side, he'd list all the reasons he should do something and on the right side, he'd list the reasons to avoid doing that thing. Would-be home buyers are faced with the decision of whether to buy in today's market with uncertainty about inflation, the presidential election, the economy, higher than recent mortgage rates, and increased home prices, just to mention a few. Some people have been put on the sidelines because they cannot qualify for a mortgage and others have sidelined themselves, even though they have the funds and resources, because of all the "noise" in the market.   Looking at the advantages of renting versus buying may bring clarity. Advantages of Renting: Financial Flexibili