The good news for some homeowners in one town: The average assessed value of a house in your neighborhood has skyrocketed by more than eightfold, climbing from about $212,000 to $1.8 million.
Now for the bad news: Your property taxes are going up as well, to just over $29,000 from an average of about $16,500 — and you'll only be able to deduct the first $10,000 on your taxes.
That's the situation facing some homeowners in Jersey City, New Jersey, as the rapidly gentrifying city performs its first round of reassessments since 1988.
The traditionally blue collar town, which sits directly across the Hudson River from New York City, is an extreme example, but it isn't alone.
Property taxes, for instance, are up 38 percent year-over-year in Clark County, Nevada – home to Las Vegas – raising the average 2017 tax bill on a single family home to $2,445 from $1,774, according to ATTOM Data Solutions, a provider of real estate data.
Home prices there have risen by 100 percent over the last five years, according to ATTOM.