Valley home prices rise, as do property taxes

February 10, 2013 12:00:00 AM PST
According to real estate data from core-logic national home prices rose 8.3 percent in December compared with the previous year.

Fresno is also seeing a similar trend.

The housing market is showing signs of recovery as home prices begin to inch upward.

Dan Hawkins, Fresno Assoc. of Realtors said, "For buyers it's a great time, because they're always looking for the house to go up. So if a house is on the rise, even though it goes up a little bit, they're confident their house is a good investment."

Hawkins says the median price of a home in the Fresno - Clovis area jumped by 15 percent in the past year. A trend we're seeing because of low inventory.

"There are just not that many houses out there. We're down to less than 800 houses on the market in Fresno, Clovis. A year ago, we had 2700," Hawkins said.

A low supply coupled with high demand is driving up home prices. The median price range at the end of December was $168,000. A year before it was at $135,000.

But as prices go up you can expect to pay more in property taxes.

Fresno County Assessor Paul Dictos said, "The homeowners that see their values going up, they're going to be ending up paying a little more in taxes."

Dictos says 72 percent of the county's general revenue comes from property taxes. The county is expecting to see more money come in this year because of rising home prices.

Buyers are certainly facing stiffer competition when trying to purchase a home, that's going to the highest bidder.

"I still think it's going to take us a couple years to get out of the short sales and fore closures but traditional sellers are starting to sell, buyers are certainly starting to buy," Hawkins said.


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