• @Chocrates@lemmy.world
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    15 months ago

    That is not true in at least the city I was in before. They set a tax rate percentage and you pay that percent of your home value as taxes.

    • @skydivekingair@lemmy.world
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      15 months ago

      So when house prices more than doubled during COVID did their tax revenue increase or did they readjust the % to match the new values?

      • HACKthePRISONS
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        05 months ago

        there is usually an assessor that determines the assessed value, and that is the basis for property taxes.

        transfer taxes are another matter, as well as capital gains on homes that are not your primary residence.

        • @skydivekingair@lemmy.world
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          15 months ago

          Yeah, and the assessed value is compared to the other assessed value of homes in the taxable area and that’s how they divide the tax revenue from the value of the house. So if a whole area is in feeefall and loses (or gains) 50% value equally then the taxes would be approximately the same. Every house dropping value and the city government isn’t going to just accept half the budget from property taxes that year, they just reassess and recalculate amounts owed.