With home prices up more than 50%, some states try to contain property taxes
Rising home values have led to higher real estate taxes around the U.S. Now many states are looking to provide relief to frustrated residents
By David A. Lieb
Published - Jun 02, 2024, 04:33 AM ET
Last Updated - Jun 02, 2024, 04:33 AM EDT
For retirees Tom and Beverly McAdam, the good news is the value of their two-bedroom home in suburban Denver has risen 45% since they purchased it more than six years ago.
That's also the bad news, costing them thousands more in real estate taxes and leaving less for discretionary spending.
“To pay the higher property taxes, it just means we’ve got to take more money out of our investments when it comes time to hit those big bills,” Beverly McAdam said.
She backs a Colorado ballot proposal that could cap the growth of property tax revenue. It's one of several measures in states this year to limit, cut or offset escalating property taxes in response to complaints.
