Rising property tax bills are stinging US homeowners — but these 8 states are doing something about it

By Free Republic | Created at 2024-10-03 14:23:03 | Updated at 2024-10-18 08:39:11 2 weeks ago
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Rising property tax bills are stinging US homeowners — but these 8 states are doing something about it
moneywise ^ | Oct 30, 2024 | Vawn Himmelsbach

Posted on 10/03/2024 6:12:02 AM PDT by where's_the_Outrage?

If you’ve owned a home in the U.S. for at least a few years, its value has likely risen — maybe significantly. This is generally a good thing, since it can help raise your net worth, which can in turn lead to greater financial security.

But there’s also a dark side: A rise in your home’s value can also mean a rise in your property taxes, which can strain your finances.

Home values influence property taxes

First, it helps to know how property taxes are calculated. Your property taxes are calculated by multiplying the “mill rate” by your property’s assessed value. The mill rate, or mill levy, is the sum of the rates charged by the county, city and school district. This rate is determined by the funding needs of these jurisdictions and the total assessed property value of the county.......

According to U.S. Census Bureau data, state and local property tax revenue rose by 24% from Q1 2019 to Q1 2024, while according to Tax Foundation calculations state and local property tax collections per capita rose 21.7% from 2016 to 2021.

But, after inflation, incomes aren’t keeping pace. Real median household income rose just 3.75% from April 2019 to April 2024. That’s why property tax increases can be particularly painful for low-income households and retirees on a fixed income.

(Excerpt) Read more at msn.com ...


TOPICS: Business/Economy; Chit/Chat; Society
KEYWORDS: inflation; propertytax; propertytaxes; taxes

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I would like to see property taxes be declared Unconstitutional as there is no real property ownership, it is all just rental from the government.

Secondly that won't happen, so there needs to be a CA Prop 13 for everyone.


To: where's_the_Outrage?

I would like to see property taxes be declared Unconstitutional as there is no real property ownership

Me too. For school taxes, eliminate public schools and you eliminate school taxes. Instead, you get private choice and a voucher which will bring the cost down.

2 posted on 10/03/2024 6:15:09 AM PDT by 1Old Pro


To: where's_the_Outrage?

You can pay off your mortgage, but you can never stop paying the real owner of your property.


3 posted on 10/03/2024 6:15:59 AM PDT by z3n (Kakistocracy)


To: z3n

YOU CAN PAY OFF YOUR MORTGAGE BUT NEVER PAY OFF THE REAL OWNER!

Property taxes have been in place since before Moses. So don't expect them to go away anytime soon.

4 posted on 10/03/2024 6:18:57 AM PDT by Ikeon (If the we outlaw margarine, the world would be a butter place)


To: where's_the_Outrage?

“”This rate is determined by the funding needs of these jurisdictions””

NEEDS is one thing - WANT is more like it! Those in charge know no limits/bounds!



To: where's_the_Outrage?

Not a popular suggestion here but an income tax is better than a property tax


6 posted on 10/03/2024 6:20:41 AM PDT by Fai Mao (The US government is run by pedophiles and Perverts for pedophiles and perverts.)


To: 1Old Pro

And that voucher money comes from where? You just eliminated how schooling is currently paid for. How does your plan pay for vouchers?


7 posted on 10/03/2024 6:21:38 AM PDT by pas


To: where's_the_Outrage?

As an intermediate step, how about strengthening homstead provisions. How much land would be required to farm/pasture enough sustenance to maintain a family of 6? Let’s say 2 acres.

Then if the primary residence and 2 acres is exempt from property tax.

Not the best but helps protect the most families but doesn’t allow today’s robber barons from using land as a tax shelter.


8 posted on 10/03/2024 6:21:41 AM PDT by HombreSecreto (The life of a repo man is always intense)


To: where's_the_Outrage?

Prop 13
California’s Proposition 13 is a property tax limitation initiative that was passed by voters in 1978. It limits property tax increases and provides protection for property owners from large fluctuations in property taxes.

Tax rate
The general levy tax is limited to 1% of the assessed value of the property.

Assessment
Properties are assessed at their fair market value at the time of sale.

Reassessment
Property assessments can only increase by a maximum of 2% per year, unless there is a change in ownership, new construction, or other specific circumstances.

Taxation
In the year a property is purchased, it is taxed at its purchase price.

Effect on homeowners
Homeowners who stay in their homes benefit from lower taxes if property values increase by more than 2% per year.

Effect on rental market
Proposition 13 applies to landlords and reduces the turnover of owner-occupied homes.


9 posted on 10/03/2024 6:41:53 AM PDT by Haddit


To: where's_the_Outrage?

If it wasn’t for Prop 13 (California) I would be taxed out of my own home:

“Proposition 13 is an amendment of the Constitution of California enacted during 1978, by means of the initiative process, to cap property taxes to 1% of the assessed value, restricting annual increases of assessed value to an inflation factor not to exceed 2% per year, limit property reassessments to when the property changes ownership, and to require a 2/3 majority for tax increases in the state legislature.”

Of course, Dem pols in the state house are doing everything they can to overturn, eliminate - and/or circumvent - Prop 13.

Howard Jarvis is one of my heroes. I doubt the likes of Prop 13 would pass today, it wouldn’t even make it onto the ballot.


10 posted on 10/03/2024 6:43:46 AM PDT by Bon of Babble (You Say You Want a Revolution?)


To: pas

How does your plan pay for vouchers?

It would be a formula. A portion would be from Fed/state as it is today but in the form of a tax credit. Part would be from users, yes people would contribute in some fashion, and some would be from current taxes that would be reclaimed from other programs that are wasting tax dollars, such as the billions spent on illegals, foreign aid, welfare waste. Eliminating the K-12 bureaucracy would drive costs down as would cutting staffing as we can now scale teachers to video teaching eliminating the need for about half the teaching workforce which is about 85% of the budget.

11 posted on 10/03/2024 6:45:08 AM PDT by 1Old Pro


To: where's_the_Outrage?

...and the eight states are?


12 posted on 10/03/2024 6:48:40 AM PDT by mac_truck (aide toi et dieu t'aidera)


To: where's_the_Outrage?

If you want to control propperty taxes correctly, then control local and county government spending.

Also you could pass state laws that limit government workers salaries and benefits to no more than the median levels recieved by the taxpayers who pay for the government workers.

Why should any government workers reap better incomes and benefits that the median levels their constituents get? They shouldn’t.


13 posted on 10/03/2024 6:49:47 AM PDT by Wuli


To: where's_the_Outrage?

Property taxes don’t increase because home and real estate values have risen. Local governments could easily lower the millage rates to keep their net revenue flat, no matter how high the property values.

Property tax increases when local governments SPEND MORE. Rising property values hide their spending increases. Costs have gone up for government operations just like everything else, but governments have endless things they want rather than truly need. Right now, local governments across the country are saddled with costs for schooling, health care, police, courts, jails, housing, etc. for the migrants that Biden welcomed into the US. People who have paid no taxes, and likely never will.

Prop 13-like laws are not easy or quick to enact. People need to put the heat on their County and City officials to keep spending down.


14 posted on 10/03/2024 6:54:02 AM PDT by Chewbarkah


To: where's_the_Outrage?

“I would like to see property taxes be declared Unconstitutional”

Me too, along with income and sales taxes - just don’t cut the goodies that I get from government.


15 posted on 10/03/2024 6:59:53 AM PDT by BobL


To: where's_the_Outrage?

Click bait. What are the 8 states?


16 posted on 10/03/2024 7:05:22 AM PDT by PLMerite ("They say that we were Cold Warriors. Yes, and a bloody good show, too. 😁 " - Robert Conquest )


To: BobL

Sales taxes. One has more control. They can buy less or a cheaper product. The wealthy pay more for consuming more. No tax on veggies. If the tax rate could just be voted on every year on Nov. 1. It would provide an incentive to cut government.


17 posted on 10/03/2024 7:06:06 AM PDT by DIRTYSECRET


To: PLMerite

Alabama, Kansas and Wyoming have new laws.
Arizona, New Mexico, Colorado, Missouri and Georgia have certified ballot measures on which voters will decide this year.


18 posted on 10/03/2024 7:12:12 AM PDT by Haddit

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