3 ms·
More states need to do what Oregon did and limit how quickly the assessed value of your house can increase for property tax purposes. I bought my house in 2015
by Sohcahtoa82 2y ago
More states need to do what Oregon did and limit how quickly the assessed value of your house can increase for property tax purposes.
I bought my house in 2015 for $340K, it's estimated to be worth $550-600K now, but my property tax is on only $275K in value. Each year, that value goes up 3%. It was taxed based on a ~$210K value when I bought it.
- riku_iki 2y agois it fair that you pay much smaller taxes compared to fresh buyer?
- Sohcahtoa82 2y agoMaybe not. In this case though, "new buyer" will only refer to new construction. A buyer of an existing house keeps the assessed value. It doesn't jump.
- riku_iki 2y agonew buyer of existing house will have tax reassessed base on transaction (current market price)
- Sohcahtoa82 2y agoNot in Oregon.
- riku_iki 2y agoits just mean that new home buyers pay taxes for rest of the people. If the goal is to solve housing by building more homes, this is very wrong direction.