Kurt Waltenbaugh wrote:
What about a property tax based only on the most recent sale price?
In other words, if I purchase a house for $75k, invest $50k into
remodeling, and have estimated appreciation gains of $25k - I am only
taxed at the 75k rate, until I sell the house. Once sold (lets say for
$150k), the new owner is taxed at the $150k rate. At that point, the
house has a new value, validated by the market, upon which to base tax
receipts.
I haven't been following all of this thread, but this caught my attention.
This sounds like what may be the case in practice, if not in theory, with
apartment buildings in Minneapolis.
I've done some scouting through the property tax records because of a
purchase interest, and it is absolutely shocking what valuation exists on
some of the buildings that haven't changed hands in a long time. It's
especially notable in areas that have seen significant improvement over the
last 10 to 15 years.
These properties will see a boost when and if they're sold, but meanwhile
the city is losing much tax revenue. And some property owners are really
raking it great income, by dint of the same situation.
Anyone have any insight into this situation -- the whys and remedies?
Christine Viken
on a snow-capped hill in beautiful downtown Stevens Square/Loring Heights
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