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A climbing market is great news to homeowners but keep in mind, with growing sales prices comes higher taxes. Eager buyers and motivated sellers have jump started the market this year in the DMV areas DC, MD, and Northern VA.
Homeowners be prepared and take this as a warning your real estate taxes could be should be going up soon. Data released Monday from MRIS show that greater inventory and modest prices have driven sales from Jan to April. Areas like DC have a lack of inventory and is experiencing more bidding wars. With all of this comes more sales, more comps, more appreciation, higher prices, and then higher taxes….
The jump you see will depend on your location and how often taxes are assessed in your area but just note you may receive a notice in the mail..
Do not let it bother or worry you it is usually just a small jump in payment.