In Spokane, Washington, a mortgage loan officer at a regional bank has seen five borrowers qualify for a mortgage for one amount, only to have that number slashed a few months later.

“They were approved in December,” he said. “Now they’ve gone from $450,000 down to $325,000.”

The reason behind the change, he said, is not that they had a sudden reduction in income, or an emergency expense that drained their savings. The culprit is property tax bills, which arrived on April 1, bearing property tax increases driven by fast-rising home prices.

In Spokane, the average property tax bill has details ⇒

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