![THE COST OF RISING HOME VALUES](https://cdn.magzter.com/1344459782/1685955128/articles/tozeH_bmE1686316104837/THE-COST-OF-RISING-HOME-VALUES.jpg)
YOUR HOME MAY BE YOUR MOST valuable asset, especially if it's worth considerably more than you paid for it years ago. But the rise in home values has led to an increase in the cost of owning a home, particularly where property taxes are concerned. And if you think your taxes are high now, it could get worse.
An analysis of U.S. Census data by Today's Homeowner, a home-improvement website and TV program, found that while the average property tax bill rose by nearly 20% between 2016 and 2021, the average effective tax rate fell by 0.15%. To understand what that means, and its implications for your own tax bill, it's important to understand how property taxes are calculated.
Your property tax bill is based on the assessed value of your property, multiplied by your local government's tax rate. Local governments use different formulas to determine the assessment rate, which can range from 50% to 100% of your home's market value. For example, suppose your home's market value is $250,000, your county's assessment rate is 80% and your tax rate is 0.70% Based on an assessment of $200,000, you would owe $1,400 a year in property taxes.
This story is from the July 2023 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2023 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
![My Top 30 Index: An Update](https://reseuro.magzter.com/100x125/articles/1194/1721871/O2MR0GXZK1717497213764/MY-TOP-30-INDEX-AN-UPDATE.jpg)
My Top 30 Index: An Update
A year ago, I put together what I called \"my own reinvention\" of the Dow Jones industrial average, the popular 142-year-old large-cap index.
![Balance Your Risk and Reward](https://reseuro.magzter.com/100x125/articles/1194/1721871/DR2ViQNm41717496580792/BALANCE-YOUR-RISK-AND-REWARD.jpg)
Balance Your Risk and Reward
These new ETFs let you cut stock market losses. But you'll sacrifice some gains.
![IS A HYBRID CAR RIGHT FOR YOU?](https://reseuro.magzter.com/100x125/articles/1194/1721871/Zcrd28LPB1717495888972/IS-A-HYBRID-CAR-RIGHT-FOR-YOU.jpg)
IS A HYBRID CAR RIGHT FOR YOU?
Hybrids offer a fuel-saving option for drivers who have reservations about all-electric vehicles. But there are trade-offs.
![HOW TO REACH YOUR INVESTING GOALS](https://reseuro.magzter.com/100x125/articles/1194/1721871/-HSjQttSt1717492066583/HOW-TO-REACH-YOUR-INVESTING-GOALS.jpg)
HOW TO REACH YOUR INVESTING GOALS
Patience helped these four investors make their portfolios work for them.
![WHERE TO INVEST NOW](https://reseuro.magzter.com/100x125/articles/1194/1721871/XJ0R5sWkt1717486869520/WHERE-TO-INVEST-NOW.jpg)
WHERE TO INVEST NOW
Expect a lot of midyear churn, with a rally toward the end of 2024.
![TIPS FOR FINANCING A HOME PROJECT](https://reseuro.magzter.com/100x125/articles/1194/1721871/ftX0yaNRJ1717499591395/TIPS-FOR-FINANCING-A-HOME-PROJECT.jpg)
TIPS FOR FINANCING A HOME PROJECT
I recently had a call with a client who was looking to fund the construction of a swimming pool at his house.
![MORE WOMEN THAN EVER ARE STARTING BUSINESSES](https://reseuro.magzter.com/100x125/articles/1194/1721871/719A7ODHm1717499365993/MORE-WOMEN-THAN-EVER-ARE-STARTING-BUSINESSES.jpg)
MORE WOMEN THAN EVER ARE STARTING BUSINESSES
Retail and travel businesses, along with health, beauty and fitness, are popular with women entrepreneurs.
![Finding Home Health Care](https://reseuro.magzter.com/100x125/articles/1194/1721871/z4EGXcZVs1717498427612/FINDING-HOME-HEALTH-CARE.jpg)
Finding Home Health Care
It’s important to hire a caregiver you trust.
![UNDERSTANDING BOND FUND YIELDS](https://reseuro.magzter.com/100x125/articles/1194/1721871/R9Ip1u-QZ1717498108682/UNDERSTANDING-BOND-FUND-YIELDS.jpg)
UNDERSTANDING BOND FUND YIELDS
What's a 30-day SEC yield? A trailing 12-month yield? A yield to maturity? We explain what each measure says about an income fund.
![ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS](https://reseuro.magzter.com/100x125/articles/1194/1721871/Lq6agBPjX1717497708856/ANSWERS-TO-YOUR-QUESTIONS-ON-STUDENT-LOANS.jpg)
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
If you have federal student loans, you may benefit from new government policies. Here's what you need to know.