When is enough, enough? Municipalities establish a percentage mil rate that they use to assess property. Depending on where property valuations are the town moves the mill rate up or down. Of course, they balance that against the recent sales values in our neighborhoods. That process seems reasonable however the majority of property owners just want to use their property. We generally don’t buy and sell every year.
The old way of collecting property taxes is outdated. There should be a rate that allows municipalities to collect a higher tax value on resale property. Properties that are dormant could occur smaller increases. It is always an interesting topic when people think your wealthy because your property appreciates. Yes, it does feel good however the majority of us are property poor. Maintenance and taxes continue to rise. We benefit on the sale.
Some states are taxing property when a sale exceeds a dollar value. They are using these funds to assist the homeless. Maybe that tax should just go back to the town.
Just my thoughts. I really don’t like any new taxes. I have always believed that municipalities are poorly managed.
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