Property Tax

[Allen]

[QUOTE=Vern Humphrey;657734][QUOTE=Allen;657151]I agree that taxes should be paid in the form of sales tax. That way everyone pays.

Sales taxes are regressive -- the poor pay more, percentage-wise than the rich.

Might be one of many incentives for the poor to become rich or richer as in bettering themselves. Some of the poor want to be poor since so much is done for them.

[Vern Humphrey]

[QUOTE=Allen;657736][QUOTE=Vern Humphrey;657734]

I agree that taxes should be paid in the form of sales tax. That way everyone pays.



Might be one of many incentives for the poor to become rich or richer as in bettering themselves. Some of the poor want to be poor since so much is done for them.

What is done for the poor is being done to buy their votes -- and to provide jobs for poverty bureaucrats.

[Mark in Ottawa]

I just got an interesting statement from our county assessor. 2024 my houses FCV (full cash value) is right on what I consider is accurate. $430,000. Then there's the estimate for 2025. The FCV drops $58,000. I tried to go on line but that's too tough for me to figure out. If you call the ph. no., well, I stayed on the phone for fifteen minutes and gave up.
I'm not overly concerned about any of it.
Oh and that's not what the tax is based on. It went up 5%.

Depending on where you are, municpal taxes are not based on fair market value (or full cash value). They are based on "assessed" value where the assessed value is the fair market value in a particular year and that year is used for the whole municiplity. Assessed value does not change as market value changes but is held steady for many years. This allows the system to rate the value of your house to other similar houses without having to worry about the volatility of the market. Things that do cause the assessed value to change are changes to the house itself (say adding a swimming pool or doing a renovation or building an addition)