4 days Ago By Tahleel Mohieldin
Homeowners may be the first to pay attention when property taxes are being considered, but changes often have a trickle-down effect. TMJ4's Racine County reporter Tahleel Mohieldin spoke with real estate broker Mike Zoerner about why even renters should take note. "The rents have gone up and they're going to continue going up as long as taxes go up," he said.
Zoerner owns Better Homes and Gardens Real Estate Power Realty. In southeastern Wisconsin, he does it all, everything from single-family homes to farms, to commercial properties. That includes working with investors in income properties, that is landlords looking to make a profit.
He said property owners in Racine have had to make adjustments to rent over the past couple of years, in part to keep up with City Hall. City of Racine property taxes have been steadily increasing since 2021. The latest jump was more than a half percent at the start of the year.
"The cost that the landlord would have to pay, the increased cost he pays for utilities, taxes, and other fixed costs are the reasons rents usually go up," he explained. Still, Zoerner said when it comes to rent Racine does better than its neighboring counties with a median range from $900 to $1500 a month. "In the rental world that's actually pretty affordable," he said.
Heading into the new year the City of Racine is considering a more than 2% property tax decrease in the 2025 budget. However, that likely leaves residents paying more for government services and fees to make up the difference. It’s about time to watch on your time.
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