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vicupstate

Senate planning to overhaul Property Taxes

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I think either the 3rd or 4th option needs to be seriously considered. The 3rd option is the better choice, considering that it rewards ownership instead of punishing it, which is what property taxes do anyway. The 4th option would not be the ideal choice, but it could be done by significantly reducing the tax rate first, not just placing a cap on the current rate. The current rate, IMO, is too high.

I hate to be as pessimistic as vic, but I don't have good faith for the Senate to make the right choice. They sure haven't been making good decisions for quite some time.

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The only viable option IMO is the 3rd. Removing the proprty tax, or "annual rent" as I call it, is the only one that makes sense. Capping or stoping property assessments only keeps the price of land down, meaning a return on such land would take a long, long time. Anyway, this method is only viable if the lottery is not used as the alternate funding source. Bump the sales tax up 5 cents.

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Property taxes has never been my strong suit, and since I'm not yet in the market for a house, I haven't familiarized myself with the concepts regarding such. Anyone care to give me a quick crash course, in laymen's terms, of the proposals?

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