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Property taxes are regressive because they tend to be flat rate - two properties with the same value in the same place will have the same tax assessment regardl
by foobiekr 5y ago
Property taxes are regressive because they tend to be flat rate - two properties with the same value in the same place will have the same tax assessment regardless of the income of the owners. The lower income owner pays a greater % of their income to taxes.
Relatively speaking, a steep progressive income tax regime is less regressive than a property tax since the burden is entirely on home value which is largely out of the control of homeowners.
For those who don’t live in Texas, there’s a whole cottage industry of companies that will contest the annual assessment (typically tax increase) for you, often with a guarantee that they can save more than their fee.
- betwixthewires 5y agoI wholeheartedly agree on your criticism of property appraisal as a cornerstone of property tax schemes. I wonder if there is a clean solution to this problem, I personally know people who see their tax burden increase because some county assessor says they could sell their property more now, even though they get no tangible benefit from it. It makes me reconsider the California property tax scheme where peoples taxes are assessed based on the value of them when purchased.