Quote:
Originally Posted by ArchAficionado
That being said, the current solution where a family in their 30s who just moved to a neighborhood is paying twice or even more than twice as much property tax as a family who has lived there for 20+ years is at best unfair and at worst actively harming the next generation who is already systemically in dire straits as pertains to home ownership.
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Sorry, I must have missed this aspect of the current cap system. So not all homes in a particular area are capped equally? Is this a recent change?
I was under the impression that cap values for a particular area were determined by whatever formula they use and it was applied to all homes in that area. It sounds like you are saying that if a home is sold, that the new owner is taxed at an uncapped value. Is that true?
Obviously I'm not a municipal tax expert, just want to know the truth.
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