Final week I requested all of you ought to states cap property taxes like Georgia based mostly on inflation? The actual property professionals have spoken and as you may see from the chart above, the bulk (76%) assume that states ought to cap taxes based mostly on inflation whereas 24% have been in opposition to this proposal. The feedback have been insightful as to why or why not.
What did actual property professionals say about capping property taxes?
76% supporting a tax on property taxes is about the place I believed the quantity would fall, however the reasoning for and in opposition to was very insightful. Listed below are the highest feedback:
- Property taxes have grown means sooner than is required for native governments; why ought to authorities spending improve 60% over 5 years in GA based mostly on appreciation of homes
- This concept creates one other golden handcuff a lot like artificially low rates of interest. I feel it may even have the unintended penalties of a form of de facto redlining as some neighborhood areas could switch a lot much less often resulting in decrease collected charges for these communities’ colleges and infrastructure. I’m very anti-tax, however this appears much less good than chopping spending.
- The intent is sweet (to maintain folks of their houses) nevertheless it all the time will get botched in execution. CA prop 13 would have labored if it remained residential in scope and hadn’t been prolonged to giant firms on the final minute in its passage. It’s a extremely exhausting coverage to craft with out factor getting corrupted- particularly within the present tradition of graft.
- The govt ought to have funds restrictions and an inflation based mostly cap or related index will assist property homeowners afford their houses as many(greater than half?) incomes don’t sustain with the property tax will increase.
Capping property taxes not clear lower
Thanks everybody to your participation and insights in my survey. The perception within the feedback from readers was superb and I hope everybody gained a great perspective out of your fellow readers. My key takeaway is that like all the pieces else, there are unintended penalties on either side. Letting property taxes proceed to rise far sooner than inflation just isn’t an incredible reply and neither is capping property taxes. Sadly the most effective reply is to chop spending so we don’t even have this dialogue however in at the moment’s surroundings most politicians solely know the way to tax and spend. Thanks once more to your insights and keep tuned for upcoming surveys
Further Studying/Assets:
- https://www.fairviewlending.com/americans-staged-a-property-tax-revolt-ga-led-the-way/
- https://www.fairviewlending.com/fed-drops-rates-why-did-mortgage-rates-barely-budge/
- https://www.fairviewlending.com/phantom-debt-soars-what-does-this-mean-for-real-estate-2/
- https://www.fairviewlending.com/never-buy-a-residential-condo/
- https://www.fairviewlending.com/the-war-on-landlords/
- https://www.fairviewlending.com/house-prices-hit-another-record-should-you-even-care/
- https://www.fairviewlending.com/root-cause-of-real-estate-price-declines/
- https://www.fairviewlending.com/will-real-estate-fall-to-2020-values/
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Glen Weinberg personally writes these weekly actual property blogs based mostly on his actual property expertise as a lender and property proprietor. I’m not an armchair reporter/author. We’re an precise non-public lender, lending our personal cash. We service our personal loans and personal industrial and residential actual property all through the nation.
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