Rising Property Taxes – Will Homeowners Be Driven Out Of Their Own Homes?

Rising Property Taxes - Will Homeowners Be Driven Out Of Their Own Homes?Throughout the US, homeowners are fighting property taxes, which are on the rise. If you think a slip in home prices ought to reduce property taxes too, you are wrong. There are many factors at work to impact property taxes. For one thing, the tax rate is determined in the budget policy. Ohio residents were on an outbreak for a last minute increase in property tax rate. Other than that fact, let’s consider what causes property taxes to rise?

Home Improvements and Rise in Area Value

A significant factor that causes property taxes to rise is home improvements. Any improvement like adding a garage or home office raises its value in the next tax assessment. A higher value is proportional to a higher property tax. However, you can control this factor by filing an appeal and requesting a lower assessment amount.
A general rise in property value also increases property taxes. This increase in value can be attributed to an influx of residents or nearby luxury home constructions which drives the value of your neighborhood higher.

Government Need or School Funding
Local governments use property tax to raise quick funds. However, to ensure checks and balances, some states have placed limits on the maximum amount of property taxes. Local governments use the money generated from property taxes to fund many of their operations. If a school in a district requires financial assistance, the local government may raise the property taxes in that area to get the extra funds.

What to Do About It?
Nationally, property tax collections rose to $182.8 billion during the last three months of the year 2013. This tax collection topped the previous peak, which was four years earlier. Some homeowners have also complained of an overvalued real estate assessment raising their property taxes. The government is gritting their teeth and passing on the burden to taxpayers to fill the budget gap but the question is, will homeowners be able to bear the burden in this state of economy? However, they can file for an appeal with their local tax assessor’s office and get the property re-valued for a fair estimate and lower property tax.

Why are Young Professionals Moving to Northeast Ohio?

Why Young Professionals Should Relocate to Northeast Ohio.Lately, a number of young professionals have been moving to Cleveland, Ohio. There are a number of reasons that contribute to the massive migration. The rapid development is probably the most important of all. When you come to Cleveland, you will notice that everyone is well employed as the unemployment rate has fallen greatly in the last two years. There has been a considerable rise in jobs in Ohio. During 2011-2012, over 10,000 jobs were added to the industries functioning in downtown Cleveland. Talking about downtown, it is not only the central business district of the city of Cleveland but also Northeast Ohio. Since the early 1990s, commercial developments have been on the rise making downtown Cleveland the biggest downtown district in Ohio.

Young Professionals find it easier to move to Cleveland because of its considerably affordable real estate. A few years ago, the demand for Ohio homesfor families fell greatly, as a result of which single family homes were high in demand. However, the recent rise in the demand for townhouses has made living in Ohioeasier for single individuals in Cleveland as one can rent a 650 sq. feet condominium starting from $450. Buying a house in Cleveland is a lot easier than many of the other states. Even though these condos may be placed in the suburbs, it is not a discouraging factor since over 37% of the Fortune 500 companies are located in the suburbs. Not only does it give a rise to employment opportunities, it has led to the opening of places such as Beachwood Place, Eton Square, Legacy Village and Crocker Park. There are numerous stores in all of these places which give you the feeling of living in downtown, the only difference being, it’s less crowded.

Besides employment opportunities, a number of youngsters move to Cleveland for educational opportunities. The city has some of the nation’s best institutes located there. Case Western Reserve University was rated as the state’s best and 37th in the U.S in 2012 while John Carroll University is ranked 7th in the mid-west region. Since, most of the colleges and universities are located in the suburbs, the studying lot prefers to stay in those areas while the working class prefers downtown.

In terms of Healthcare, Cleveland is one of the best places in the U.S because of the Cleveland Clinic. The clinic has over 10 regional hospitals in Northern Ohio and is rated as the nation’s 4th best hospital. Also, its medical research facility is the largest in the country encouraging medical students from all around the country to come here.

From all that’s mentioned above, Cleveland may sound a little boring but that would be completely false as it is one of the most happening places. You can just pick an activity and make a move. The metroparks provide facilities such as canoeing, boating on Lake Erie, kayaking, etc. If you are a fan of sports, the Quicken Loans Area also known as The Q is the place to go for NBA, AHL or AFL matches. The multipurpose arena serves all these sports. For entertainment, you can enjoy a night at House of Blues or The Cleveland Orchestra.

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