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debaterollie t1_izfpz0n wrote

Reply to comment by plummbob in Casino tops Richmond wish list [to VA General Assembly], but affordable housing lies at the heart by CrassostreaVirginica

Seems like we could just increase the homestead exemption. that way it helps people at risk of being gentrified, w/o helping corporate landlords.

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plummbob t1_izfqdxh wrote

Depending on the extent, that could just geographically lock people in place because they would face a steep increase if they tried to move. It would also result in inderdevelopemnt, causing home prices to appreciate faster than otherwise.

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debaterollie t1_izfqp3f wrote

no- a homestead exemption gives you a reduction in property tax on your primary residence so it would follow you to your new primary residence if you moved.

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plummbob t1_izfryhz wrote

A homestead exemption in rva won't help if you try to move to nova. It would have to be statewide, but we can see in areas other areas like california and colorado, it doesn't help in any long term way in maintaining affordability. Nor does it help renters, who are often low income, and depending on the extent can cause budget issues from a decline in revenue.

A more economocally effective policy is a low income tax credit.... a "property tax break circuit breaker"

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