this post was submitted on 31 Jan 2024
1284 points (98.3% liked)
Political Memes
5483 readers
2271 users here now
Welcome to politcal memes!
These are our rules:
Be civil
Jokes are okay, but don’t intentionally harass or disturb any member of our community. Sexism, racism and bigotry are not allowed. Good faith argumentation only. No posts discouraging people to vote or shaming people for voting.
No misinformation
Don’t post any intentional misinformation. When asked by mods, provide sources for any claims you make.
Posts should be memes
Random pictures do not qualify as memes. Relevance to politics is required.
No bots, spam or self-promotion
Follow instance rules, ask for your bot to be allowed on this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
That is not true in at least the city I was in before. They set a tax rate percentage and you pay that percent of your home value as taxes.
So when house prices more than doubled during COVID did their tax revenue increase or did they readjust the % to match the new values?
there is usually an assessor that determines the assessed value, and that is the basis for property taxes.
transfer taxes are another matter, as well as capital gains on homes that are not your primary residence.
Yeah, and the assessed value is compared to the other assessed value of homes in the taxable area and that’s how they divide the tax revenue from the value of the house. So if a whole area is in feeefall and loses (or gains) 50% value equally then the taxes would be approximately the same. Every house dropping value and the city government isn’t going to just accept half the budget from property taxes that year, they just reassess and recalculate amounts owed.
they don't generally reassess every year