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Way2trivial t1_jdokfs8 wrote

Reply to comment by YawnTractor_1756 in Can someone explain the justification for having "private" beaches? It seems like access to natural attractions should be free. by SnooBooks4898

Do you know how property taxes are set? dividing the ratables over the budget.

so (keeping it simple) if the total value the tax assessor finds for a community real estate is 100 million, and the community needs 1 million to operate, everyone chips 1% of the value of their property in.

if the value of all the real estate is 1,000 million (billion) the tax rate is .1% and every chips .1% of the value of the property in.

If implemented, and EVERYONE with property started off with an automatic 4X amount as assessed by the tax assessor- then everyone would have the same tax bill as before.

It's when you go to declare a different valuation that your tax bill changes and risk increases or decreases to match.

So if my fair market price $500,000 house WAS assessed at $420,000 now my fair market house still priced at $500,000 is now assessed at $1,680,000 but my tax bill stays the same. If someone wants to pay me 1.6 mill for it- I'm good.

It's when I want to declare a different value that my bill levels out...

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YawnTractor_1756 t1_jdom12u wrote

Ah, so your idea is "let's artificially inflate all property prices 4x at once". If I wasn't lazy and drunk on saturday I might have typed out how dumb this idea is in a different way and how it's going to shoot you in the foot, but I'm too lazy and drunk on saturday night..

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Way2trivial t1_jdonn5p wrote

No- let's inflate the 'prices I'd sell at in a heartbeat' at once.

again, if someone wants to pay me 1.6 million dollars for my 500k house?
No problem on my end...

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YawnTractor_1756 t1_jdop98d wrote

So, is there a price of "I would sell in 2/3/4/6/10 heartbeats"? Because if not then there is only one price, and you just inflated it 400%.

You can ask Chat GPT "what would be economic consequences if commercial property prices were inflated 400% overnight"

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Way2trivial t1_jdorzpu wrote

yeah. the regular "i need to move due to life changes" price.
negotiated and voluntary.

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