Quote:
Originally Posted by squiggs96
In Vancouver there are plenty of people who are complaining that their assessed value went up astronomically, but they don't say that the amount they owed only went up a small amount. They could reduce every assessment in half, and everyone would still pay the same amount, as they'd just increase the mill rate. It's a pretty simple formula.
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That got me thinking. Why do we pay property taxes based on the full value of our property when in most of our cases the banks still own a percentage of the house. Shouldn't the banks be the ones paying part of the property tax?