Hillsborough Property taxes posted and increase this past year in a case of "What goes down, must go up". A play on words because the last few months of 2012 and the beginning of 2013 signify the "end" of the housing slump as home prices have begun to rise. But, with higher prices for our homes, comes another less wanted benefit in higher property taxes.
According to an article in todays Tampa Bay Times "Property Values Post Gains", by Drew Harwell, 2012 was the first year in the past 6 years to post a gain in property values. The following chart illustrates the past eight year cycle of the rise and fall of property values.
If accurate, a home purchased in late 2005 for $150,000 would have increased in value to almost $203,600 by the summer of 2007. Which, for the homeowner, would have been a great time to sell.
By not selling, the average homeowner in Hillsborough county saw their home begin to decrease in value and today, based on the chart's percentage of gain or loss, the $150,000 home purchased in 2005 is worth only about $148,600.
Not really underwater in that the past 8 years of home payments should have created a small amount of equity so selling today would not require the home owner to big "cash" to a closing table!
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