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Old 02-26-2018, 11:18 AM
 
Location: Chicago
305 posts, read 1,116,554 times
Reputation: 153

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With all the media attention recently around property taxes and the perceived bias in assessments against lower-value homeowners and in favor or higher-value homeowners and commercial owners, I have a question that I haven't seen addressed. Isn't there a basis for some leveling of this kind, insofar as the demand on government services is not 5x as large for a $1,000,000 house as it is for a $200,000 house? Since the $1,000,000 house does not burden the schools 5x as much, nor police and fire, nor streets and sanitation services, etc., why SHOULD the $1,000,000 house pay 5 times as much in property taxes?
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Old 02-27-2018, 08:29 AM
 
Location: IL
529 posts, read 647,549 times
Reputation: 668
I'm all for lower (ideally none) taxes. That being said, I don't think the tax rate should be higher for more valuable property, but I don't think the rate should be lower either. If you don't want to pay a 2% tax rate on a million dollar home, then don't buy one, or buy one in a community that has a lower rate. The million dollar house pays 5 times as much as a 200k house because it is worth 5 times as much.
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Old 02-27-2018, 04:05 PM
 
20 posts, read 23,104 times
Reputation: 76
Property taxes are not a consumption tax. If it was, by the same token, single people should pay much much less than those married with children since schools take up the lion's share of property taxes. Basically, it's a tax on assets. Yes, it may not be "fair" or perfectly "equitable" but that is life.
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