More Taxes on Your Home? Really?
In the new budget, the Cheyenne County Commissioners are recommending a 4% increase in home values across Cheyenne County Nebraska. This is NOT the time to increase values. Homes values are dropping very fast across the USA for many reasons. On average 15% of homes in U.S. Metro areas dropped their selling price last month according to Redfin Real Estate.
Last month 60% of homes in Denver dropped their asking price, and Salt Lake City dropped 56%.
In Sidney, we just checked some of the listings, and of the 23 listings on Zillow, 8 have cut their asking price trying to sell their home. That is almost 35% dropping the price.
The real estate market price of homes right now is very unstable and in all likelihood, values are going to drop dramatically as mortgage rates go up and buyers able to purchase homes go down.
We feel now is NOT the time to raise the values of homes in Cheyenne County.
Raising taxes right now, with this inflation and decreasing housing market is not the answer or helpful to the residents of Cheyenne County Nebraska. We will have more on this in another post next week.