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Updated about 10 years ago,

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Lynn McGeein
  • Real Estate Agent
  • Virginia Beach, VA
1,552
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2,714
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Anyone else noticing large rise in real estate taxes & insurance costs?

Lynn McGeein
  • Real Estate Agent
  • Virginia Beach, VA
Posted

Just checking my yearly expenses as they are higher than I estimated.  Turns out real estate taxes for one property are 16%!!! higher than just last year, several others up over 7% from last year, largest yearly increase since I've owned them.  Looked back at my property insurance rates, one is up over 20% !!!! from last year's premium, others over 10%.  I've been used to and planning on 2-4% increases in these expenses.  Guess I'll be shopping for new insurance.  Too bad you can't shop around for lower real estate taxes.    I knew the mortgage company would be making more money than I was on these properties until I paid them off, but looks like the city and the insurance company are getting ahead of me now, too.    

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