That's a good point. I think to go along with that it is important to address property taxes for residents. Change the way the home value is set so assumed values aren't set by the few houses that sell nearby that year. These bubble prices shouldn't change taxes for existing owners.
Yes absolutely and a land value tax would be beneficial for Detroit homeowners -- 97% would see a tax cut. As for the assessment process and the issues there, a land value tax would also be helpful. Right now, assessments are based accurately valuing the structure on a property. It’s very difficult for the assessors office to do that. Removing structures from the equation (to some extent) could also remove some complexity by focusing assessments on land values and not trying to account for all the nuance in structures.
That's a good point. I think to go along with that it is important to address property taxes for residents. Change the way the home value is set so assumed values aren't set by the few houses that sell nearby that year. These bubble prices shouldn't change taxes for existing owners.
Yes absolutely and a land value tax would be beneficial for Detroit homeowners -- 97% would see a tax cut. As for the assessment process and the issues there, a land value tax would also be helpful. Right now, assessments are based accurately valuing the structure on a property. It’s very difficult for the assessors office to do that. Removing structures from the equation (to some extent) could also remove some complexity by focusing assessments on land values and not trying to account for all the nuance in structures.