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In a lot of places, if not most, property taxes are based on the assessed "current market value" of your house and audited annually, which can change a lot from
by cronix 5y ago
In a lot of places, if not most, property taxes are based on the assessed "current market value" of your house and audited annually, which can change a lot from year to year. Property taxes are paid annually, not when the house sells. If the house goes up 10x in a year, the property tax also rises which makes it very hard on a fixed income when you're retired, especially when the gov't artificially calculates inflation at a lower rate so they don't have to pay as much in social security benefits to those seniors reducing their purchasing power over time.
- JAlexoid 5y agoProperty taxes are supposed to cover your local government's running services - police, fire brigade, trash/sanitation, water and roads. Properly distributed, they should not be high. Property taxes are not a slush fund for the government, nor should they be deferrable. They are intended to be running expenses.
- nathanaldensr 5y agoAnd the fact property taxes are often used as a slush fund makes those of us paying attention very sensitive to their increase. With those taxes comes bureaucratic power and control, often leading to more taxes and less of a say over how one lives one's life.