This is the clearest indictment I can find for base-year tax assessments.
The city is trying to sell properties for under $10,000, some in the vicinity of $3,000 that need total rehabilitation, yet the property taxes are upwards of $2,000 per year. Clearly, it would be best for the city, if investors buy and rehabilitate these properties, but within 2 years they would double their purchase price.
We're talking about a potential 50% property tax rate here.
Because these homes are valued using an antiquated system of base-year tax assessment. 10 years ago, they might have been in fine shape and now, they're symptoms of neighborhood rot that the city should be giving away. Yet the county insists this is a perfectly valid means of valuing homes. I want some of that happy-go-lucky pot they're smoking, too.
Thanks again Dan for your excellent executive prowess!
Global London and the Geography of Prosperity
20 hours ago