Obviously each state and each locality handles property taxes a little different from each other, but in SE Michigan it is the new homeowners who are getting nailed right now. Michigan places a cap on how much the taxable value of your home can increase in a given year, but they keep track of what the value would be without the cap too. So whenever a property is sold, the new owner pays tax based on the uncapped (and usually much higher) value. None of the knucklehead realtors or mortgage brokers explain this to their first time buyers, so a lot of 20 and 30-somethings who are buying their first homes in my area get a big surprise when they get their adjusted tax bill after the first year, and many get taxed out of their own homes after just 12 or 18 months.
'66 SS Clone
Fast Burn 385hp Crate 350 (for now)
Muncie M20 & 3.42 Posi
UMI Stage 2 Suspension all around