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Maybe some people are. Property taxes are state by state. But that's not the way they do property taxes where I live. Where I live, they have an amount of taxe
by rufus_foreman 5y ago
Maybe some people are. Property taxes are state by state. But that's not the way they do property taxes where I live.
Where I live, they have an amount of taxes they need to collect, and then they divide that up based on property values. If the value of everyone's property doubles, they still need to collect the same amount of property taxes, so everyone's property taxes stay the same.
I guess in some places, they just do it based on property value, and when house prices skyrocket, the government just says, "Score!".
Wouldn't want to live in one of those states.
- olyjohn 5y agoI believe in some states, there's a limit to how much the tax-assessed value can increase in a year. So even if the housing prices double, they may only be able to increase taxes by a couple percent.