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When Property Taxes Are Higher Than Your Mortgage Payment

Posted by: Deborah Myerson
Thanks to: Deborah Myerson
15 February 2005 - 10:00am

Northern Virginia’s skyrocketing real estate prices are making property taxes a burden for owners of Habitat for Humanity homes.

Habitat for Humanity helps low-income households buy homes. In the hot metropolitan Washington, DC area housing market---where some homes have doubled or tripled in value in the last three years---Habitat provides an essential foothold for many families to buy a home. But while Habitat helps keep the price of housing down, property taxes are another question entirely. It’s not clear when tax relief will be in sight for homeowners.

Full Story: Burned by the Boom in N.Va. Real Estate
Source: The Washington Post, February 14, 2005
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Even if the report overestimates the costs by a factor of two and underestimates the tax-benefit by a similar amount, the conclusion would be pretty much the same: destination resorts cost local government and taxpayers money.
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