"The cost of running the town has no connection to the values of the residences or services individual residents receive. The value of the residences IS associated with the assumed ability to pay tax (people who can afford an expensive house can afford to pay a higher portion of the taxes) and tax is apportioned on THAT basis."
Not necessarily true. I have seen many neighbors who can no longer afford their property tax and have had to sell their property and move. You can't pay your taxes with equity, unless you go into debt by borrowing against it. Lots of people are paper rich and cash-flow poor.
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Gary
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