In Tomoeh Murakami Tse’s article The Big Stretch As Property Tax Assessments Rise, Owners Experience Sticker Shock — Again [Washington Post] she explores the phenomenon that is affecting many homeowners.
Municipalities throughout the US are experiencing rising real estate values. Property taxes are pegged against assessed values and if the mill rates are not inversely adjusted, the actual dollars paid can rise significantly.
Owners, including those who have no plans to move, have seen tremendous appreciation on paper but their cash flow is impacted by their rising tax bills. This could be much more of a concern for those on fixed incomes.
Its taken for granted that the rise in property values is good for everyone (I’m excluding buyers from this comment).