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In Vancouver we have the opposite: realtors call you weekly and promise you 1.4 million cash on the spot, while the tax value is 600k. Can’t raise taxable value

• sokoloff 9y ago
  It seems that when prices move in this direction, you could raise the taxable value and simultaneously lower the millage rate so that the overall tax receipts are what the city needs. This way, people whose properties have skyrocketed in value relative to the rest of the city would have their taxes go up slightly, those whose values have gone up but gone up by a relatively lower amount would see a reduction in taxes, and the city still gets all its revenue for operations. If everyone's value has doubled (as an example), it would seem better to raise everyone's assessments by 100% and cut the millage rate by 50% than to have some weird half-Prop13 situation where 123 Main St is assessed at half of 125 Main St because 123 last sold in 1984 and 125 sold last week for $1.4MM in cash.
• photojosh 9y ago
  We don't have a land value tax in Australia. But I think we should. > Can’t raise taxable values to be realistic, as a lot of older folk are sitting on fixed income in multi-million dollar homes. In this situation, maybe we should allow retired/older folks to defer taxes until the sale of the property (kind of a government-based reverse mortgage). Would be messy to administer though.