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Cake day: July 2nd, 2023

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  • 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.