Real estate property taxes on the rise
While property values have increased, so have property taxes. Property owners have been able to keep their monthly mortgage payments in control through the lower interest rates.
According to an online article in CNN/Money, "homeowners in some cities have seen increases of 20 percent to 50 percent over the last few years."
In California, property taxes are guided by Proposition 13. If you feel your property value is overassessed, there is an appeals process that you can follow. This may be significant IF real estate prices fall.
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