Most local governments in the United States impose a property tax as a principal source of revenue. This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property times an assessment ratio times a tax rate. Values are determined by local officials, and may be disputed by property owners. A primary advantage of a property tax over a sales tax or income tax is that the revenue always equals the tax levy, unlike the other taxes, which can result in shortfalls producing budget deficits. The property tax always produces the required revenue for municipalities' tax levies. Property owners, especially seniors, believe the tax is unfair and does not represent the owner's ability to pay.
Yes, reduce tax rates on property for median priced and below, leave tax rates where they are for anything 30% above median price and raise rates on any property 2x median rate and drastically increase taxes on non-homestead property and second or investment properties.
It all depends on how much property tax is being reduced. Say the government DOES reduce property taxes and increases sales taxes, if you're gonna increase sales tax, property taxes should be reduced TREMENDOUSLY. If we have to pay more for whatever we buy they can at least reduce a good percentage.
Yes, but reform to a flat tax, abolish all taxes except sales tax, and require payment/ tolls for use of federal services to make them self sustainable (roads, parks, postage, etc.). Tax collection funds services that can't charge (law enforcement, military, congress, etc.)
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