FAIR Property Taxation
I've blogged many times on the basic unfairness of the property tax & the method in which it is assessed. I'm in favor of examining how it's currently done & taking a look at some other methods. Well actually, what I'd like to do is get rid of it, but barring that... California has another similar system which Dr. Harvey Waxman of North Kingston has long been promoting for R.I. Recently, he was interviewed by Bill Rappleye of Chan. 10.
Dr. Waxman has a blog and his Right Tax site. He's been trying to capture the Lege's attention, but has yet to catch the eye of any prominent Dems. Having Republicans sponsor your legislation is like a death knell.
This is basically how it works. Take your property taxes now. They would stay the same as long as you own your proerty. The only increase you would see is what the % change is. When you sold your house it would be reassessed. That's it. This idea has many advantages. You would basically always know what your taxes are. No surprises and little likelihood of your having to leave because you could no longer afford your tax bill. No expensive reassessment costs either.
Some details remain to be ironed out. For example, how would trusts who own properties be handled? These can go on for generations. The rest sounds darn good to me. Keep plugging away, Dr. Waxman!
Dr. Waxman has a blog and his Right Tax site. He's been trying to capture the Lege's attention, but has yet to catch the eye of any prominent Dems. Having Republicans sponsor your legislation is like a death knell.
This is basically how it works. Take your property taxes now. They would stay the same as long as you own your proerty. The only increase you would see is what the % change is. When you sold your house it would be reassessed. That's it. This idea has many advantages. You would basically always know what your taxes are. No surprises and little likelihood of your having to leave because you could no longer afford your tax bill. No expensive reassessment costs either.
Some details remain to be ironed out. For example, how would trusts who own properties be handled? These can go on for generations. The rest sounds darn good to me. Keep plugging away, Dr. Waxman!
1 comment:
Dr. Waxman has a very good idea, however, how is the education in California funded? Your property taxes here in RI cover 60-70% of the school budget and the rest goes towards the municipality. If California proceeds differently, we need to take a real close look at their procedure.
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