Unexpected Financial Burden Hits Superior Homeowners
Homeowners in Superior, Wisconsin, are grappling with a sudden and substantial increase in their property taxes and insurance costs, leading to alarming adjustments in their monthly mortgage bills. These increases are hitting residents hard, causing financial strain and raising concerns about the local housing market.
I recently received a letter from my bank regarding my mortgage, and the new figures were staggering. The monthly payment, which includes property taxes and homeowners insurance, had jumped by over $230. This significant increase was unexpected, especially considering that such adjustments are usually minor.
Property Tax Increases
The primary driver behind the increased mortgage payments is a drastic rise in property taxes. Despite having a fixed-rate mortgage, the escrow account adjustments reflect significant increases. The city’s reassessment of residential property values played a crucial role in the tax hike. With home values nearly doubling in some cases, the resulting tax burden has sharply increased.
Escalating Insurance Costs
Adding to the financial pressure, homeowners insurance premiums have also risen. My homeowners insurance saw an increase of $100 per month, while vehicle insurance climbed by approximately $80. Both Minnesota and Wisconsin are experiencing some of the highest insurance cost increases nationwide.
Mayor Paine Addresses the Issue
Mayor Jim Paine has acknowledged the unexpected tax increases, stating that the city is working to address the issue. He mentioned that residential properties bore the brunt of the increases, and the city intends to re-evaluate commercial properties to balance the tax burden.
For homeowners struggling with the new tax assessments, the County Treasurer’s office is providing support for payment plans. They can be reached at 715-395-1348.
