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Property Tax Rises Amid High Foreclosures and USDA Properties for Sale



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By : John Cutts    99 or more times read
Although the values of foreclosed properties in Massachusetts have dropped considerably and the number of foreclosures, including bank and USDA properties for sale, continues to increase, this did not prevent local governments from increasing property taxes in various towns and cities.

Boston cheap houses and other cheap properties in the state's local areas have become a common sight. However, this did not stop taxes for properties from rising since 2009. Most local areas raised taxes in an effort to generate funds to finance services and pay for the construction of buildings.

The high rates of foreclosures have been cited by analysts as the primary reason for the thousands of cheap houses in Massachusetts, with further declines in home values expected for the rest of the year. Most taxpayers in the state have expressed frustration over rising property taxes and continuing declines in property prices.

According to them, thousands of foreclosed homes for sale are flooding the market, but majority of these properties remain unsold. They also stated that it is almost impossible to sell a house for its true value nowadays. This housing market situation, along with higher tax bills, creates a difficult economic life for most families living in the state.

USDA properties for sale and bank foreclosures have reached record levels since 2009, according to most residents. Most of them admitted feeling the impact of these foreclosed properties and their problems are further aggravated by the rise in property taxes.

According to the state Department of Revenue, average tax for a single detached dwelling has increased in 2010 by over 3% or by around $140. The average cost of tax for a single family house has been pegged at $4,390. Meanwhile, prices of homes have declined by almost 4.6% in 2009 compared with the peak period of 2007. A regular home had an average selling price of $373,702 in 2009.

Local officials have explained that the 3.3% increase in property taxes is actually the lowest in the past 20 years and that it is the first time in almost two decades that the yearly percent increase had dropped for four years in a row. The increase is expected to continue on to the next fiscal period, with values of dwellings also expected to continue to drop across all types, including existing residences, bank foreclosed homes and USDA properties for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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