Georgists are facing headwinds these days, with at least 6 states strongly proposing the elimination of property taxes. Without the basis of property taxes, shifts to a two-tiered tax alternative emphasizing taxes on land instead of improvements, or even the full Land Value Tax Georgists strive for, cannot occur. And, as California’s Proposition 13 exemplifies (1978), once property taxes have been capped or messed with, it’s very difficult get them back to “normal” again.
Realtor.com reports:
“Property taxes are the greatest contributor to revenue for local governments, providing essential funds for things like schools, roads, and fire prevention. But they’re also a huge pain.
For one, they’re complicated to calculate, relying on imperfect property assessments and confusing metrics like mill levies, or “mills,” which represent $1 of every $1,000 in assessed property value.
Worst of all, property taxes have put undue strain on many household budgets, skyrocketing alongside the record home appreciation of the past five years.
Many states have had enough and are proposing to eliminate property taxes despite their essential function for many local governments. Here’s a closer look at each of these states’ proposed plans to ax the property tax.”
Read the rest here: https://www.realtor.com/advice/finance/states-eliminate-property-tax/