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What do federal corporate tax rates have to do with municipalities setting their own property taxes? Nothing stops them from giving preferential treatment eithe
by lr4444lr 2y ago
What do federal corporate tax rates have to do with municipalities setting their own property taxes? Nothing stops them from giving preferential treatment either to primary residence homeowners.
Municipalities are their own worst enemies with restrictive zoning and small-minded inability to consolidate services with neighboring districts that don't need so much duplication.
- bitmasher9 2y agoI think there’s a preserve incentive with city council. Most members of city council, and most donors to them, would benefit greatly from having higher local property values that deep pocketed corporate buyers bring.
- smileysteve 2y agoRelativity; If corporate income taxes are 21%, income is reduced by expenses such as property taxes. If individual income tax rates are 24%/32%; and a state has a low income tax rate of 5%; then a married couple making $200k earned income, then a salt cap at $10k, pays 25% more in property taxes than the corporation. So, even if the state and local taxes are massaged to give owners a 25% discount for being owner occupied; they don't. The idea is not the the state/city needs less services; owner occupied properties often want more services and are willing to pay for it; but now the city can no longer create policy that supports that.