The average property tax bill for home owners has been going up quickly in the last few years, especially in those hot real estate market. The increase of property tax is a direct result of increasing housing price, which is generally a good thing but it does have some implications.

For people in retirement, for example, a spiraling property tax bill could use much of their income from social security and other limited income sources.

To avoid such a situation where your property tax becomes a significant financial burden, a couple of options could be considered, including selling your current home and moving to a lesser expensive community, or moving to a smaller home in the same community, considering a reverse mortgage (if you qualify) to get extra cash to help pay for the property tax bill, etc.