Most citizens make a rationale choice in purchasing a home. As the late Thomas Sowell said, “an affordable home is a home you can afford.” For much of our history, home ownership was the most important decision that citizens made to accumulate wealth over their lifetime. Paying off one’s mortgage was a lifetime event, allowing citizens to retire in comfort. But today, many citizens are losing the dream of home ownership.
Unlike other taxes, property taxes give citizens freedom of choice in deciding to invest in a home. Citizens can compare the government services offered relative to the property taxes they must pay in different jurisdictions. And citizens can vote with their feet, moving to a jurisdiction that matches their preferences. Since a large share of property taxes are earmarked for education, citizens can compare the quality of schools and the property taxes in different school districts.
But, high rates of inflation distort the rational choices that citizens make in investing in a home. Since 2020, citizens have been hit with a double whammy. Higher interest rates and higher home prices have priced many citizens out of the housing market. Citizens who own a home are often left with the choice of selling their home and downsizing to a home they can afford. But homeowners ask the obvious question, why should I have to sell my home simply because the government has failed to stabilize prices?
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This should be illegal or is it
Property taxes are a thing we all have to deal with, like it or not, if you own property you get to pay tax on it .Ok that being said how much should it be? Well how much is enough? In tax year 2022 taxes on my lots were around 20 dollars per vacant lot, a lot being 50 feet by 150 feet, which is ok, and since there is No water or sewer available and you cannot get any on a lot that size, that is a fair amount. Then in tax year 2023 the price went to 96.66 per lot, so that is about 5 times what it was in 2022!!! Way to much for a small piece of property with NO water or sewer available!!!Wow you say that’s a big jump in one year. But wait, this year the price again shot up by four times to a staggering 392 dollars!!!!!
OK so how is this possible and being done to not only me but being done statewide!!! Well they passed House Bill 21-1061 that changed how “vacant land ”should be classified. So instead of having an “assessment rate “of 6.7% it now has to be at a wopping 27.9%!!! Who decided this was a fair rate and why so high??!Doesn’t tabor stop them from jacking up our taxes without a vote??Well I guess not!! A vacant land rate of 10% would be higher but way easier on the pocket book. Come on people lets wake up our elected folkes in office by letting them know we DONOT like this. If we do nothing where does it end . Ask them to cut the “vacant rate “ to a more taxpayer friendly amount like 10%!!!