I would like the value of my home to rise, while my property taxes fall(conversableeconomist.com)
275 points by colinprince 3 days ago | 683 comments
tl;dr: Several US states have recently slashed property taxes on owner-occupied homes, shifting the burden onto commercial property, state funds, and sales/income taxes—effectively converting a local service-financing tool into redistributive taxation. Homeowners, despite seeing major post-COVID wealth gains, are driving this backlash because property taxes function as wealth taxes requiring cash from asset-rich, income-poor owners (especially older voters). The ironic result: lower property taxes will push home prices even higher, further enriching current owners while worsening affordability for future buyers and weakening local government funding for schools and police.
HN Discussion:
  • ↑Shifting taxes from homeowners to commercial/rental properties unfairly burdens renters who are less wealthy
  • ↓Property taxes unfairly punish owner-occupiers whose unrealized home value gains just raise cost of living
  • ↑We should tax wealth hoarding more to free up underused homes for younger families
  • ~Land value taxation (possibly with income-based caps) is a better solution than current property tax
  • •Property tax mechanics are misunderstood; budgets drive rates, not valuations directly