Arcanepotato@crazypeople.online 3 days ago
Where I live, taxes are in the assessed value, which isn’t the same as the market value. The assessed value compares your house to other, similar houses. Your assessment is unlikely to go up unless you improve it. Or your house is much nicer than the newer houses that are being built.
Property taxes that the total cost of running the municipality and divide that proportionally between all the tax payers, and proportional to the assessed value.
Raising property taxes is unpopular, so some municipalities will raise them insufficiently to find next year’s projected costs, and cuts will need to be made.
So no, not directly. Businesses are sometimes given tax breaks to set up shop at a specific location, but I don’t think extending that to residences would bring any benefit.
Your assessment is unlikely to go up unless you improve it.
Apparently you’ve never been to Texas. Texas and most US states tax on market value of the house. They tax unrealized gains. I bought my house in 1991 for 69,000. It’s currently valued at 475,000. I’ve done absolutely nothing to it other than regular maintenance. I am taxed on the 475,000 value.
Where I live
Sorry they don’t teach us about ass backwards tax systems at school 🤷♀️
Know_not_Scotty_does@lemmy.world 3 days ago
We did not do shit to improve our old house in Texas from when we bought it 2016 to when we sold it on 2025, the appraised value went from 195k to 331k. Its based on sales of similar houses in the area and (theoretically) capped at a 10% increase per year assuming you have a homestead exemption. They can also do cap loss recovery for some period of time after appraisals stop increasing to recoup the “lost cap” from years when there was a greater than 10% increase but the homestead exemption prevented them from getting all of it.