I realize that completely eliminating property tax would never happen and is not realistic.
But, the local government doing a reassessment every year to increase the value of your home and increase the value of your property taxes is criminal. Property taxes should be capped at what the value of the property was when it was purchased. Regardless if it was purchased 50 years ago or 6 months ago.
Why are hard working Americans being punished for the blood, sweat, and equity that they invest in their home to provide a better living situation for their families? You make resonable upgrades to your home, the tax man comes around and says “OOOOH THIS IS NICE” and for you doing a great job, your are rewarded with MORE TAXES!
We see it all the time, good ol’ gentrification. Investment groups are swooping in to urban neighborhoods that are centrally located, demolishing old housing, and putting up high rises, or quick built cookie cutter vacation rentals. Overall, that increases the value of property in the area, but has a trickle down effect, increasing the property value of the 85 year old neighbor who has lived in their house since the 1970’s.
Reassessment of property values and increasing property taxes is forcing people out of the homes they have lived in for decades. It’s criminal. People should not be punished for making a better life for themselves, and investing in their property. People should also not be punished for what is happening around their property.
Cap property taxes to a standard rate, based on the value of the property when the current owner purchased the property. Doing so will free up funds for individuals, and boost our economy with more buying power.