When the housing market is booming, home values go up, and that means property taxes tend to follow suit. When the housing market crashes, home values plummet and so do property taxes. But when the housing market rebounds, home values start going up again—and property taxes follow suit once again. This constant ebb and flow of real estate prices isn’t something most people expect to happen when they buy a home. However, it’s not something any homeowner can avoid either. Rising property tax assessments are one of the most common side effects of a strengthening housing market. If you’ve just purchased a new home or recently updated some of its features, you might find that your property tax assessment increases as a result.
