Rising Property Taxes
If you’re a homeowner, or have been paying any attention to the housing market over the past few years, you know that home values have soared. With soaring home values, comes soaring property taxes. This can affect people in multiple ways. Below are a few of the simple ways these rising home values and property taxes have an effect:
Homeowners staying in their home: This may seem like a paradox, but rising home values is not necessarily good for all homeowners. Why? Property taxes. millions of Ohio homeowners have seen their monthly payments increase because of property tax hikes. If you’re fortunate enough to have some extra room in your budget, this is OK. It’s not ideal, but it’s OK. But there are MANY Ohioans (I am speaking as a bankruptcy attorney whose job every day is to help Ohioans manage their budgets) on the verge of losing their homes because of these rising property taxes. It’s very sad to see. I remember when I was younger hearing about the idea of people losing their family homes because they got taxed out of the home. Usually it was in the context of dystopian societies. And here we are living it in 2024.
Homeowners looking to sell: This category has been blessed over the past few years. You can name your price, receive an offer above asking, and name all the terms of the deal. The past few years have been amazing for homeowners looking to sell.
Prospective homeowners trying to buy: This category has had a very difficult time (I am speaking from experience as someone looking to buy a home over the past 4 years). As mentioned above, sellers have had the ability to control all the terms. If you’ve wanted to buy over the past few years, you’ve had to offer immediately, above asking price, waive all due diligence terms, etc. Many people have had to deplete their retirement accounts to afford down payments, appraisal gaps, cash purchases, etc.
The rising property taxes has become such a concern that legislators have been scrambling to find fair solutions to the problem. If you’re like the rest of us who don’t have the time to wait for politicians, there are ways to help yourself. There are many benefits offered by the bankruptcy code that can help you eliminate your debts, and manage your budget. Simply call/text/email me, attorney Lucas Ruffing, to schedule a FREE consultation regarding your options.
Take Care,
Lucas Ruffing
Attorney
740-815-1114 (call/text)
LucasRuffingLaw@gmail.com (email)