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cross-posted from: https://discuss.online/post/40219743
Property taxes don't go up relative to house prices. They go up relative to other homeowners. There is a common misconception that property taxes double if property values double. Absolutely not.
But still fuck oligarchs.
My city charges property taxes as a simple percentage of the assessed value of the property. If the assessed value of my home doubles, my property taxes absolutely double.
I imagine not everywhere does it the same... but what you're saying "absolutely not" to is absolutely the reality in which I personally live.
Property taxes in most states go up based on market value of the home. If one year the market value of a home is $450k and the next year it's appraised at $475k the taxes will reflect that new amount. Property tax is based on a percentage of home value, so if I home doubles in price that taxable amount is also doubles.
What? It's not 1 for 1, but it's certainly based on the assessed house value. That's relative.
In some places if your assessed value doubles, your property taxes double. Some places have laws that cap the increase per year, but not always.
Where I am, I think our city hall would be burned down if property taxes doubled with a house price doubling.
People in Ohio are trying to get a petition going to eliminate property taxes.
Our property taxes are too high, but eliminating them is the dumbest. If you thought corporate house buyers were bad before...
This! When I see people crying to stop property tax all I can think is "corporate home buying would go through the roof".