High Property Taxes Driving A New Revolt
Several states are eyeing moves to cap tax growth after property values have soared.
"Welcome to the flip side of the real estate boom. Years of rising home values have boosted property taxes steadily. Now, homeowners across the United States are fighting back.
...This year, legislative proposals, citizen initiatives, and lawsuits are on the agenda in at least 20 states. These new efforts reflect both residents' distrust of how their property tax dollars are being spent and concerns that rising assessments are driving working-class people out of popular towns and cities.
...Assessments can vary according to a community's affluence and aesthetics, such as views of mountains or lakes. Tom Thomson, leader of the 'Ax the View Tax' movement in New Hampshire, objects to taxing people on intangible qualities such as a view."
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Great
I think its great that the same folks who support massive restrictions on new development in order to drive up the values of their property also don't want to pay taxes on said property...
LVT
Why isn't there more talk about using a Land-Value Tax as opposed to simple a Property tax? The Property tax is regressive imo.
A high tax on land and low tax on buildings would do away with much of the speculation that causes rapidly rising home prices in the first place. It would also encourage more urban development and efficient land use.
Slumlords and house flipping would be a thing of the past.
Any takers? Why or why not? It seems pretty smart to me. Anybody read Mr. Kunstler's chapter on this subject in "Home from Nowhere" ??