STOP REEVALUATION OF PROPERTY TO HIKE HOMEOWNER TAX BILL

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STOP REEVALUATION OF PROPERTY TO HIKE HOMEOWNER TAX BILL



Do we have elected members in the government who are working for the interest of the citizens who voted them into office? Or are they acting to boost and benefit their friends in government to only help themselves at the cost of the taxpayers?

Property values have artificially inflated upwards due to inflation caused by market manipulation and preying on unintelligent new home buyers who do not understand the value of houses in low cost of living regions. It is mostly taking advantage of  market demands, instability and excessive rapid growth.

The homeowner does not gain even 1 dollar when the property is artificially inflated in its value. This is done solely to provide gains to the tax pool that burdens the homeowners. Such tax changes should only be implemented when a gain or loss is realized by the homeowner.  This year to year change to  house evaluations burden the homeowner to be able to not afford to live in the same house where they live for 20+ years.

For example a homeowner bought a house for $250,000 in 2000 and was billed a property tax bill of $2500. As time goes by and the house value changes. The  tax moguls are salivating at this prospect  of this upward value change to take advantage of the situation by levying more taxes with new higher evaluations. It is a strategy to plainly extort a higher tax from the homeowners. This same house over years is not evaluated for $750,000 and the tax bill has been beefed up to $6500. This is detrimental to the finances of the homeowner as their finances did not grow in proportion to the increase of his property taxes.

The tax on vehicles does not go up over time as the asset depreciates. First it is disappointing to know that such items of basic necessity are taxed in most states to boost their tax funds.



Bottom line is, NO TAX INCREASE should be allowed until the property changes hands and a true evaluation is ascertained. Homeowners should not have to pay any higher tax for the change in value which has not benefited them in any profit. 

This is the same as having stock at wall street whose value either high or low over time is not taxed until it is cashed. Tax is levied when the stock owner realizes the profit and loss by a sale. The home should be considered as an investment of the homeowner and any change in tax is applicable when the value change is realized by the homeowner.

Such Higher Evaluation puts an equivalent additional burden to the cost of insuring the property. This is an imbalance in the value of building the house versus it's artificially inflated value in the realty market.

NO PROPERTY TAX INCREASE ON EXISTING HOUSES UNTIL A PROFIT IS REALIZED.

Hoping someday humans will become ethical and show integrity to decide correctly and this should serve as a guide how to decide in such matters.

- Sammy Benjamin

Resources:

IMPORTANT: How does California reassess property taxes?

Once the county assessor has determined that a change in ownership has occurred, Proposition 13 requires the county assessor to reassess the property to its current fair market value as of the date ownership changed.

Property taxes are calculated based on the purchase price of the property. In California, the purchase price equals the assessed value. This value can increase every year but is capped at 2% annually.


2024 Property Tax Balloon Causing Sticker Shock for Homeowners
https://www.corelogic.com/intelligence/why-did-property-taxes-go-up-2024/

What is your state's 2024 Property Tax Hike?



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