Quote:
Originally Posted by midgetwaiter
It's not a 1% increase, it's 1% of the assessed value of the home. On your average 1 mil Richmond crack shack that's 10k a year.
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And with the 15-20% appreciation/year in the value,that’s $150-200000 in profit/yr. Who cares about 1% that’s not even a blip in the grand scheme of things. Like I said 1% isn’t going to slow anything down, I’d wager it will heat things up, greedy people recouping their taxes.
Most likely the assessed value for property taxes is years behind the actual value, so the 1% is an even smaller part of the overall investment.
Politicians pandering to the stupid while actually doing nothing.