Soaring Taxes and Insurance Rates Impact Homeowners in Superior
As homeowners across the country grapple with rising costs, residents of Superior, Wisconsin, are experiencing a particularly sharp increase in their property taxes and insurance premiums.
Many residents are seeing their monthly mortgage payments jump significantly, driven by higher escrow requirements for property taxes and homeowners insurance.
“I opened up a letter last week from my bank concerning my mortgage,” said local resident Ken Hayes. “This time, I didn’t even know what I was looking at because the number was so much more than we had currently been paying. It was over $230 more a month. I was shocked.”
Property Tax Increases
Hayes’ experience isn’t unique. Property taxes in Superior have skyrocketed due to rising residential property values. This increase has led to substantial adjustments in homeowners’ escrow accounts, which are used to pay property taxes and insurance.
“Our home value was around 100k before we were reassessed. Now it’s over 200,000k and that’s without them even taking a look inside,” Hayes explained. “So my taxes just about doubled.”
Insurance Costs Rise
Adding to the financial strain, the cost of homeowners and vehicle insurance has also increased.
“My homeowners insurance went up a $100 bucks a month too, and my vehicle insurance went up around $80 a month,” said Hayes.
Increased insurance costs are a nationwide trend, with Minnesota and Wisconsin among the states experiencing the highest increases.
Mayor Addresses Concerns
Mayor Jim Paine acknowledged the tax increases, stating that the city didn’t anticipate such a significant jump for many residents. The increases are primarily impacting residential properties, and the city is evaluating commercial properties to help offset the burden.
Mayor Paine provided residents with the County Treasurer’s number, 715-395-1348, to set up payment plans.
These rising costs are putting a strain on homeowners in Superior, forcing them to re-evaluate their budgets and explore ways to manage these increased expenses.
