I guess that’s why we are at the tail end of a housing frenzy that saw a large portion of existing housing change hands causing it’s tax basis to be reassessed.
My next door neighbor is in his eighties. He bought that house when it was new in 1954 for about 15k. Should he be paying the same amount in tax as me? That’d mean that he was paying more than 25% of his original cost for the house in taxes every year. Would that make you feel better? Of course, that’d probably mean that he and his wife wouldn’t be able to live there anymore since they are on fixed incomes and they’d probably have to be put in a home, which would be paid for with YOUR tax dollars? Still feeling better?
Last time I checked my property tax bill, the largest majority of the money was paying for school bonds; funny, because I’m single and don’t have any kids yet I’m subsidizing the schooling of everyone else’s. Yet apparently I’m the one not paying their fair share?
