Lofty home prices aren't the only scary thing in Silicon Valley; property taxes assessed to more expensive dwellings are also rising.
Silicon Valley's high home prices aren't the only thing prospective homebuyers there should worry about.Homeowners in the San Jose-Sunnyvale-Santa Clara region of California had the highest rise in property taxes in the nation from 2007 to 2017, a median increase of $2,625, according to an analysis by ValuePenguin.
Kingston, New York, where residents saw their taxes go up by a median $1,573 from 2007 to 2017, was the place with second-highest increase in property levies. The median tax bill there was $5,499 in 2017. "These account for very large amounts of your take-home pay," said Maxime Croll, head of insurance at ValuePenguin."You should understand and consider those property taxes before you buy your home."For instance, skyrocketing prices on homes, plus an increase in demand, contributed to a dramatic jump in property taxes for some neighborhoods in Jersey City, New Jersey, last year.
Whether you're converting your garage to a bedroom or you've decided to add a bathroom, you've made a change that will affect your home's value. In turn, your property taxes may also go up. Lenders prefer that your PITI — or front-end ratio — take up no more than 28 percent of your gross monthly income.
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