In most places in the US, the assessed value of homes that have been owned for more than a decade is significantly less than the market value of a home.
The property tax burden therefore falls more on new home buyers rather than existing home owners. Eliminating the tax on the first portion of assessed value would make this existing imbalance worse, especially if the same amount of tax needed to be raised.
With comps, sq ft, materials, insured rebuild value, etc… I don’t see how it could be that hard or that unfair to assess. The biggest issue is actually gentrification causing unaffordability in older homes. Some people will lose, and have to move. If you have no income, but you also have a nice home, you gotta reverse mortgage or get relocation assistance.
In most places in the US, the assessed value of homes that have been owned for more than a decade is significantly less than the market value of a home.
The property tax burden therefore falls more on new home buyers rather than existing home owners. Eliminating the tax on the first portion of assessed value would make this existing imbalance worse, especially if the same amount of tax needed to be raised.
It’s a tricky problem.
With comps, sq ft, materials, insured rebuild value, etc… I don’t see how it could be that hard or that unfair to assess. The biggest issue is actually gentrification causing unaffordability in older homes. Some people will lose, and have to move. If you have no income, but you also have a nice home, you gotta reverse mortgage or get relocation assistance.