Quote:
Originally Posted by Cube Inmate
The gross amount of property tax doesn't depend AT ALL on property values. The city decides the overall amount it's going to take, and sets the "mill rate" so that the (TAX REVENUE NEEDED = TOTAL PROPERTY VALUE x MILL RATE). The only thing affected by property values in a certain community is the portion of the overall tax revenue paid by owners in that community. Your property value increases by more than the average--you pay proportionally more. Less than the average--you pay proportionally less.
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Quote:
Originally Posted by Bring_Back_Shantz
Yeah, that's not really how property tax works.
That area would just pay a larger proportion of the overall property tax pool.
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I have been corrected. That being said would that not shift taxes from poor'r neighborhoods now to one that actually has more value then? (and presumably people how can afford such a tax increase)