Property taxes

Unusual spikes in property taxes and insurance in many areas are causing servicing concerns that mortgage companies may not be used to managing.

The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.

The Supreme Court ruling on tax foreclosures could improve servicer recoveries but it's also giving some jurisdictions pause as they look at how to interpret it.

The top five states have an average effective real-estate tax rate of 2.02%

The rate at which taxes on single-family homes increased was nearly twice that seen the previous year and the largest jump in the last five, according to Attom.

State and local governments have collected $757 billion in revenue over the past 12 months, according to analysis from the National Association of Home Builders.

The market could find out next year how well foreclosure prevention innovations and home equity protect borrowers from growing strains on affordability.

Sen. Robert Peters, D-South Shore and Rep. Debbie Meyers-Martin, D-Matteson will spearhead the endeavor.

Some have moved to appeal their property assessments, with counties in Maryland like Dorchester, Somerset and Garrett seeing the rate of homeowners petitioning home values jump 987%, 827% and 454%, respectively in 2023.

The top five states have an average effective real-estate tax rate of 2.17%.

The top six states have an average effective real-estate tax rate of 0.48%.

The mortgage industry may be largely in the dark about the process, which could save homeowners potentially thousands of dollars a year.

The latest quarterly increase in revenue comes as other reports show home values heading upward and affordability declining.

The case involves a house seized for a tax debt — but the state pocketed the profits.

However, while the national average is not too far from its decade-low of 5.4%, the range found in different states varies considerably.

Wayne County, Michigan's use of Delinquent Tax Anticipation Notes is an extreme example of a nationwide phenomenon: Local officials use fines and foreclosures or tax lien sales as cudgels against people who haven’t paid their property taxes. Some municipalities’ efforts to securitize or sell the debts have led to a broad, upward transfer of wealth that’s rooted in fundamentally unfair tax systems.

Property taxes — up the most in 15 years in 2020, according to recently released Labor Department data — will likely see even sharper jumps this year.

The company has seen business ramp up as servicers have sought additional help managing escrowed funds following last year’s refi boom.

By providing flexibility for property tax payments localities can help keep local businesses going and maintain their tax base for the future.

Massachusetts cities and towns would have new options for funding local affordable housing under a proposal rolled out on Jan. 8: a fee of up to 2% on real estate sales above the statewide median sales price, and a higher fee on certain "speculative" property sales.