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The redistribution of workers thanks to remote friendly policies mean municipal tax revenues in large cities have dramatically fallen. To cover that shortfall,
by gausswho 4y ago
The redistribution of workers thanks to remote friendly policies mean municipal tax revenues in large cities have dramatically fallen. To cover that shortfall, will we now see increased appraisals and support for increased property tax rates? Such things are historically a political third rail, but I wonder if increased social inequality and disgust for short term rentals may flip the script. This may also have the effect of nudging out those who are otherwise content to sit on long term low rate mortgages. With more homes on the market this would help to drive down the cost of getting into home ownership in an age when mortgages are high.
- supertrope 4y agoMost county governments have a fixed levy for property tax mills. So if their target is $639 million then as tax appraisal values increase the tax per $1000 of appraised value will fall so the total property tax collected is constant. Of course as more levies are approved by voters individual property tax bills will creep up that way.