• Chocrates@lemmy.world
    1·
    11 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
      1·
      11 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@kolektiva.social
        1·
        11 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.