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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (743)	5/5/2003 9:48:39 PM
From: John Madarasz	Read Replies (1) \| Respond to of 4912

yep...more unseen expenses... excerpt " Shawn Tully wrote in the current issue of Fortune that, "Skyrocketing property taxes are eating away at your home's value. Soon they might sink the broader housing market." Lest we underestimate the impact of property taxes, they represent nearly as much of a drain on homeowners as mortgage interest. Last year, Americans paid $265 billion in mortgage interest but paid $205 billion in property taxes. Thus, the relentless rise in property taxes is rapidly being acknowledged as a genuine threat to home owners, who are also consumers. Out of the pocket and into taxes means less available to consume and represents another barrier for the economy. Much of the increase in taxes has been due to soaring property values, since tax rates are typically tied to the value of the house. Although one might think that towns and counties might now repay homeowners' generosity with lower tax rates, this will not happen. As the economy remains under pressure, localities are hard pressed to provide services and need every penny of the taxes they collect. Resilience and support for the housing market is as much dependent upon stable property taxes as it is upon the continuation of friendly interest rates." cross-currents.net 4/7/03