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> And perhaps, the best attribute: the money collected from property taxes doesn't evaporate from a local area like it does when borrowers pay higher interest r
by karaterobot 4y ago
> And perhaps, the best attribute: the money collected from property taxes doesn't evaporate from a local area like it does when borrowers pay higher interest rates. It goes back into the local neighborhood, leading to better local infrastructure and higher quality schools.
This much is demonstrably false, at least where I live. I don't even pay property taxes to the city, I pay them to the county. There's no tie between those funds and my neighborhood. Then, a lot of the taxes are passed from the county up to the state as well, where it's further spread out.
- notacoward 4y ago> I don't even pay property taxes to the city, I pay them to the county. The county is still a lot more local than a bank that might have an HQ across the country and is barely accountable even there. Also, most people's property taxes do go to their town or city, so your sample-of-one is not really a basis for a policy statement.
- karaterobot 4y agoI was responding to the article's incorrect statement that the money stayed in your neighborhood, which is not correct in my case. I say "my case", but it's the case for everyone who lives in my county, the 12th most populous in the nation. Probably true for others as well. https://kingcounty.gov/council/budget/budget_basics.aspx https://kingcounty.gov/council/budget/budget_basics.aspx