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Nah. Unless you take out equity in your house, rising house prices mostly mean higher property taxes. Now, inflation on the other hand, they now have a vested
by sliverstorm 12y ago
Nah. Unless you take out equity in your house, rising house prices mostly mean higher property taxes.
Now, inflation on the other hand, they now have a vested interest in, as it makes the loan easier to repay.
This all goes out the window if you're buying a new house every 3 years, of course.
- reality_czech 12y agoIn California, property taxes are assessed only when the property is sold. So people have an interest in seeing their "investment" become more valuable. Their taxes are the same either way.
- sliverstorm 12y agoWhat!?
- gburt 12y agoIn Canada, property taxes are assessed as a fraction that results in the city budget being met within constraints. Rising house prices for YOU vs. everyone else would result in higher property taxes, but a rising tide lifts all boats. The city budget and the relative worth of your home to your neighbors' determines your fraction.