this post was submitted on 31 Aug 2023
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The problem with taxing High Value Property is what happens when Single Family Homes hit that value? If the value of my house skyrockets while I am living there then I can end up losing it do to a massive hike in my taxes.
I'd assume that as single-family homes rise in value other properties would too, so maybe the limit would just need to be adjusted fairly often? IDK I'm not a tax person.
OR, maybe it could just apply to additional properties? Like you get one free so a family home is safe, but every additional property you own gets a tax slapped on it or something like that?
I bring this up because California implemented Prop13 in 1978 to address similar issues and it had mixed results.
I agree with the idea of taxing secondary properties at a higher rate. But that could also have the unintended consequence of driving up rents and landlords look to recoup that money.